GENEVA (AP) — Switzerland's federal criminal court on Wednesday convicted two top managers of a Saudi oil company on charges including fraud and money...
PetroSaudi executive Tarek Obaid , a Saudi-Swiss dual national, received a seven-year sentence and British-Swiss associate Patrick Mahony was handed a six-year sentence from the Federal Criminal Court in southern Bellinzona, officials said.had requested a 10-year prison sentence for Obaid and nine years for Mahony. The court also ordered them to pay $2 billion, plus interest, to the 1 Malaysia Development Berhad, or 1MDB , sovereign wealth fund , and other fees, officials said.
Matteo Cremaschi, a spokesman for the Swiss attorney general's office, hailed “an important result in a highly complex criminal procedure with international ramifications.” He said the investigation required poring over hundreds of thousands of documents and in-depth analyses of financial transfers. Obaid was accused of having “enriched himself” directly or indirectly through the Saudi oil company to the tune of at least $800 million, prosecutors said. Mahony was said to have received at least $37 million.
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