Swiss Court Sentences PetroSaudi Executives for $1.8 Billion 1MDB Fraud

Two executives found guilty of embezzling Malaysian state funds, ordered to repay over $1.75 billion.

Tarek Obaid and Patrick Mahony received seven and six-year prison sentences, respectively.
The fraud involved creating a false joint venture with 1MDB, claiming Saudi government backing.
Funds were laundered through Swiss bank accounts and used for luxury purchases and investments.
The scandal has led to global investigations, implicating high-level officials and financial institutions.
1MDB continues efforts to recover stolen assets, with a total of $4.5 billion estimated to be embezzled.