KUALA LUMPUR: Hong Leong Bank Bhd wrapped its 2024 financial year (FY24) with earnings and revenue growth despite the challenges of the macro economy and operating environment, said group managing director and CEO Kevin Lam.
Police officers in the US are starting to use AI chatbots to write crime reports. Will they hold up in court?PETALING JAYA: The 1Malaysia Development Berhad board has lauded a significant victory in the ongoing effort to recover embezzled funds.
“We welcome the verdict in Switzerland’s Federal Criminal Court, which means that Patrick Mahony and Tarek Obaid will face justice for their role in embezzling and defrauding the people of Malaysia."Throughout this process, we have worked to support the Swiss federal prosecutors as attached parties to the prosecution, to ensure the recovery of assets to Malaysia.
"We thank the Swiss authorities for their thorough investigation, which has secured this conviction," the statement read."This significant recovery has been achieved as part of our multi-disciplinary recovery strategy to support and supplement the ongoing criminal forfeiture."We continue to bring enforcement actions against the parties involved in fraudulent misappropriation of Malaysian state funds around the world.
The 1MDB board also said that both Obaid and Mahony are set to face additional civil and criminal charges in Malaysia related to their involvement in the creation of a fraudulent joint venture between 1MDB and PetroSaudi International in 2009.
1MDB Board Verdict Swiss Federal Criminal Court Switzerland Petrosaudi Patrick Mahony Conviction Asset Recovery
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