Switzerland's federal criminal court has handed down convictions to two top managers of a Saudi oil company for charges including fraud and money laundering in a massive scam that siphoned off at least $1.8 billion from a Malaysian state-owned investment fund.
The executives, Tarek Obaid and Patrick Mahony, were sentenced to seven and six years, respectively, by the Federal Criminal Court in Bellinzona. They were also ordered to pay $2 billion, plus interest, to the 1 Malaysia Development Berhad (1MDB) sovereign wealth fund.
