Jail terms sought for accused in US$1.8 billion 1MDB fund fraud

PetroSaudi chief executive Tarek Obaid, and Patrick Mahony, a director at the Saudi oil exploration and production company, are on trial at Switzerland 's Federal Criminal Court in the southern city of Bellinzona.

New twist in Najib’s bid to serve jail term at home as two ministers dispute claims over supposed royal orderProsecutors also requested the detention of the two due to the perceived risk of flight in the gap between the trial and the verdict.Obaid's lawyer Daniel Zappelli highlighted the absence of Najib and Low, and said there were variations in the amounts that the defendants allegedly laundered, Keystone-ATS reported.

It is alleged that billions of dollars were pilfered from the fund, officially 1Malaysia Development Berhad, by a number of people and used to buy items ranging from artwork to a superyacht.During the Swiss trial on Wednesday, the prosecution requested that assets sequestered by Switzerland be confiscated and returned to 1MDB.

Crime Malaysia Switzerland 1Malaysia Development Berhad

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