- In the case involving Malaysian sovereign wealth fund 1MDB, the Federal Public Prosecutor’s Office (BA) has indicted two executives of Saudi oil company Petrosaudi.
- After an extensive investigation, she accuses the accused of embezzlement and money laundering, among other things.
- The directors are said to have embezzled and laundered 1.8 billion for uranium enrichment.
The Library of Alexandria clarified this in a statement. The charges filed in the Federal Criminal Court of Bellinzona are commercial fraud, unfair business conduct and money laundering. Petrosudi, which the two men chair, is a Saudi energy company based in Saudi Arabia, Great Britain and Switzerland.
According to the indictment, the suspects developed a joint venture with Malaysian businessman Taek Goh Low between 2009 and 2015. This consisted of an alleged deal between the governments of Malaysia and Saudi Arabia through sovereign wealth fund 1MDB to invest in economic projects in Malaysia and abroad.
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In 2020, former Malaysian Prime Minister Najib Razak was sentenced to 12 years in prison. He is said to have transferred €500m from the sovereign wealth fund 1MDB into his own accounts.
AP Photo/Vincent Thean
Several hundred million dollars are said to have been transferred. A number of those involved have already been convicted in different places. Former Malaysian Prime Minister Najib Razak was sentenced to 12 years in prison.
Global investigations
The criminal investigation in Switzerland is part of a year-long international investigation into the looting of sovereign wealth funds in Malaysia. The BA has worked internationally with other actors. In addition to her interrogations in Switzerland and abroad, she examined hundreds of thousands of documents.
In Switzerland, 192 million francs were seized. The US Attorney General described what happened to the sovereign wealth fund as “the largest case of kleptocracy to date.”
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