BELLINZONA: Switzerland’s Federal Criminal Court was to deliver its verdict Wednesday in the case of two PetroSaudi executives accused of embezzling $...
Switzerland’s Federal Criminal Court was to deliver its verdict Wednesday in the case of two PetroSaudi executives accused of embezzling $1.8 billion from the Malaysian sovereign wealth fund 1MDB.
Noting the sums involved compared to Malaysia’s GDP, prosecutor Alice de Chambrier called it the “scam of the century” and branded the defendants as “calculative, manipulative and obscenely greedy”, the Keystone-ATS news agency reported during the trial.The defence pleaded for acquittal, arguing that no fraud had taken place.The prosecution requested that the two men be held in custody at the end of their trial, citing the risk of flight before the verdict, but the court refused.
It is alleged that billions of dollars were pilfered from the 1Malaysia Development Berhad fund by a number of people and used to buy items ranging from artwork to a superyacht. She accused them of “extraordinary criminal activity and tenacity” over 10 years between 2009 and 2019, if alleged acts of concealment are included, Keystone-ATS reported.Nicolas Rouiller said the Swiss attorney-general’s office had “adopted a radically wrong approach”, ignoring the nature of Saudi Arabia’s absolute monarchy.
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