KUALA LUMPUR, Aug 28 (Bernama) -- Swiss Federal Criminal Court on Wednesday convicted two PetroSaudi executives over embezzlement of US1.8 billion from the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).
PetroSaudi chief executive Tarek Obaid was sentenced to seven years imprisonment while Patrick Mahony, a director at the Saudi oil exploration and production company was slapped with six years jail term, international media reported.
The two accused allegedly misappropriated at least $1.8 billion to enrich themselves through 1MDB funds, which were purportedly intended to finance a joint venture with PetroSaudi from 2009 to 2015.
-- BERNAMA
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