Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank | Jamey Keaten

Former Malaysian Prime Minister Najib Razak, center, speaks to supporters outside at Court of Appeal in Putrajaya, Malaysia on Aug. 23, 2022. Two managers of a Saudi oil exploration company were going on trial Tuesday, April 2, 2024, in Switzerland for alleged fraud and money laundering in a scandal years ago linked to a Malaysian sovereign wealth fund that the US Justice Department once described as the “biggest kleptocracy case” ever.

Swiss prosecutors said the PetroSaudi managers were indicted on charges of commercial fraud, aggravated criminal mismanagement and aggravated money laundering, based on events that took place over at least six years. The joint-venture deal called for 1MDB to pour in $1 billion and for PetroSaudi to contribute assets consisting of oil fields in Turkmenistan and Argentina valued at $2.7 billion, even though the oil company didn’t actually own those assets, according to the criminal court in the southern city of Bellinzona.

Some of the looted money allegedly paid for jewelry, hotels, art and a luxury yacht, and helped finance Hollywood films such as “The Wolf of Wall Street.”

Source: News Formal (newsformal.com)

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