PetroSaudi duo charged in Switzerland over misappropriated 1MDB funds FMTNews
The PetroSaudi managers allegedly used the US$1.8 billion in misappropriated 1MDB funds to purchase assets and to ‘develop lucrative activities’ at PetroSaudi which funded their lavish lifestyle.
They were charged with committing commercial fraud, as well as aggravated criminal mismanagement and money laundering. Swiss prosecutors said the charges were based on events that took place between 2009 and 2015. The prosecutors said they established a fake joint venture purportedly between the Saudi and Malaysian governments that would allow them to syphon off US$700 million to a Swiss company’s bank account controlled by fugitive financier Low Taek Jho, or Jho Low.
The PetroSaudi duo are also accused of convincing the 1MDB board to transfer another US$830 million as part of a purported loan, which was later misappropriated.
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