The Swiss Federal Criminal Court on Wednesday (Aug 28) convicted two PetroSaudi executives namely Tarek Obaid and Patrick Mahony for embezzling over US$1.8bil from Malaysia's state investment fund 1MDB.
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00:00The Swiss Federal Criminal Court on Wednesday convicted two executives at an oil exploration
00:08company for embezzling over US$1.8 billion from Malaysia's state investment fund 1MDB.
00:17According to the indictment, Tariq Obaid and Patrick Mahoney defrauded 1MDB to enrich themselves,
00:24with Obaid getting at least US$805 million and Mahoney some US$37 million.
00:32The court sentenced Obaid to seven years in prison, while Mahoney received a sentence
00:37of six years.
00:40Prosecutors alleged that Obaid and Mahoney helped set up a joint venture with 1MDB by
00:46creating the impression that their company, PetroSaudi, was backed by the Saudi government.
00:52This was not, in fact, the case, but the accused persuaded 1MDB's board into signing
00:58up to the scheme in 2009 before going on to defraud the company.
01:04Between 2009 and 2015, the duo arranged for bank accounts to be opened in Switzerland
01:11to help launder the money.
01:12They used the money to buy real estate in Switzerland and London, jewellery and private
01:18equity, as well as to develop the PetroSaudi business from which they received a sizable
01:23income and to maintain a lavish lifestyle.
01:27The verdict was the latest episode in the 1MDB scandal, a complex tale of international
01:34corruption that has buffeted a slew of financial institutions and individuals across the globe
01:40since allegations of wrongdoing first surfaced in 2015.
01:45A 1MDB spokesman said the company welcomed the verdict as Obaid and Mahoney will now
01:51face justice for their role in embezzling and defrauding the people of Malaysia.