PetroSaudi Execs Get Swiss Jail Terms Over $1.8 Bn 1MDB Fraud

Patrick Mahony (L), a Swiss-British PetroSaudi director, was setenced to six years in prison while the oil firm's Swiss-Saudi chief executive, Tarek Obaid, was given seven years (Credit: AFP)

A top Swiss court sentenced two PetroSaudi executives to jail terms on Wednesday after finding them guilty over the embezzlement of $1.8 billion from the Malaysian sovereign wealth fund 1MDB.

Tarek Obaid, the Swiss-Saudi chief executive of the oil exploration and production company, was sentenced to seven years in prison by the Federal Criminal Court, Switzerland's Keystone-ATS news agency reported.