Swiss Trial Begins for Alleged $1.8 Billion 1MDB Fraud

The trial of Tarek Obaid and Patrick Mahony, accused of defrauding Malaysia's 1MDB fund, starts in Switzerland, spotlighting potential revelations about fugitive Jho Low.

• Tarek Obaid and Patrick Mahony stand trial in Switzerland, accused of a sham oil company scheme to defraud 1MDB of over $1.8 billion.
• The case traces back to a 2009 yacht meeting in Cannes, initiating deals with Malaysia's then-new prime minister and economic development fund.
• Jho Low, the alleged mastermind behind the larger $4.5 billion 1MDB fraud, remains at large.
• Swiss prosecutors charge Obaid and Mahony with multiple crimes, including fraud and money laundering, as Switzerland aims to showcase its stance against financial crime.
• The indictment alleges the duo misrepresented negotiations and asset controls, ultimately extracting $1.83 billion from 1MDB.

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