2 ex-PetroSaudi managers face trial in Switzerland for fraud and money laundering linked to the 1MDB scandal, involving misappropriation of $1.8B from a state fund.
Two former managers of PetroSaudi, a Saudi oil exploration company, face trial in Switzerland for alleged fraud and money laundering linked to the 1Malaysia Development Berhad (1MDB) scandal. Swiss prosecutors indict the managers on charges of commercial fraud, aggravated criminal mismanagement, and aggravated money laundering, over a scheme from 2009 that involved misappropriation of at least $1.8 billion from a state-owned investment fund. The case is the first of its kind in Switzerland, where financial institutions were implicated in the far-reaching scandal.
April 02, 2024
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