FILE - Former Malaysian Prime Minister Najib Razak, center, speaks to supporters outside at Court of Appeal in Putrajaya, Malaysia Tuesday, Aug. 23, 2022. Two managers of a Saudi oil exploration company were going on trial Tuesday, April 2, 2024, in Switzerland for alleged fraud and money laundering in a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever.
Malaysian investigators allege that over $4.5 billion was stolen from the fund, established in 2009, and laundered by associates of formerSwiss prosecutors said the PetroSaudi managers were indicted on charges of commercial fraud, aggravated criminal mismanagement and aggravated money laundering, based on events that took place over at least six years., said the managers sought to enrich themselves and others by misappropriating at least $1.
After the deal was signed, about $700 million from 1MDB was transferred to a Swiss bank account linked to a Malaysian investor for whom the defendants had allegedly been working, and tens of millions ended up in the hands of the defendants and PetroSaudi, without serving the joint venture, it said.