Two PetroSaudi managers on trial in Switzerland over 1MDB scandal

GENEVA : Two former managers of PetroSaudi, a Saudi oil exploration company, went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to 1Malaysia Development Berhad that the US Justice Department once described as the"biggest kleptocracy case" ever.

Swiss 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. The joint-venture deal called for 1MDB to pour in US$1bil and for PetroSaudi to contribute assets consisting of oil fields in Turkmenistan and Argentina valued at US$2.7bil, even though the oil company did not actually own those assets, according to the criminal court in the southern city of Bellinzona.

Some of the looted money allegedly paid for jewellery, hotels, art and a luxury yacht, and helped finance Hollywood films such as"The Wolf of Wall Street."

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