US$1.8b (RM8.5b) 1MDB fraud hearing begins in Switzerland

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US$1.8b (RM8.5b) 1MDB fraud hearing begins in Switzerland

KUALA LUMPUR, April 3, 2024: All over the world, those suspected of laundering 1Malaysia Development Berhad (1MDB) funds are being charged and some have been found guilty and jailed.

However, in Malaysia where the world’s biggest kleptocrat, the disgraced and shameless former premier Najib “1MDB” Razak who controlled 1MDB, is jailed but given special VVIP treatment.

The corrupt former Umno president is also given a 50% discount on his 12-year jail sentence and his RM120 million court fine was given a hefty cut to only RM50 million. And he is still facing multiple charges of stealing from 1MDB.

That is how the so-called Madani Unity Government supports and promotes the super elite corrupt/kleptocrats in Malaysia.

And the US$1.8 billion (RM8.5 billion) 1MDB fraud hearing begins in Switzerland!

No News Is Bad News reproduces below an AFP report on the trial:

Trial over US$1.8bil 1MDB fraud opens in Switzerland

AFP

-03 Apr 2024, 12:01 AM

Tarek Obaid and Patrick Mahony are accused of involvement in the vast embezzlement operation orchestrated by Jho Low.

Tarek Obaid (left) and Patrick Mahony will claim trial to embezzlement and laundering US$1.8 billion of 1MDB funds, their lawyers have indicated.

BELLINZONA: Two men accused of embezzling US$1.8 billion from sovereign wealth fund 1MDB went on trial in Switzerland on Tuesday, the latest hearings stemming from the vast multi-billion-dollar financial scandal.

Tarek Obaid and Patrick Mahony will plead not guilty, their lawyers have indicated.

They are accused by Swiss state prosecutors of involvement in the vast embezzlement operation orchestrated by Low Taek Jho, also known as Jho Low, an adviser to former prime minister Najib Razak.

It is alleged that billions of dollars were pilfered from the fund by a number of people and used to buy items ranging from artwork to a superyacht.

Najib was sentenced in 2022 to 12 years in prison for offences linked to the misuse of public money in the 1MDB financial scandal. In February, his sentence was halved to six years.

The latest trial, which is due to last throughout April, is being held at the Federal Criminal Court of Switzerland in the southern city of Bellinzona.

The case is being heard by three judges. Lawyers for one of the accused today asked for the president of the court to recuse himself from the case, believing that the judge had accepted the prosecution’s thesis, and thereby cast into doubt his ability to conduct proceedings impartially, Switzerland’s Keystone-ATS domestic news agency reported.

According to the original indictment, “the two accused are alleged, with the aim of enriching themselves and others, to have misappropriated at least US$1.8 billion”, transferred by 1MDB in connection with a joint venture with the Saudi oil exploration and production company PetroSaudi, “and then to have laundered the amounts involved”.

“The allegations cover a period at least from 2009 to 2015 and constitute the offences of fraud on a commercial basis, aggravated criminal mismanagement, and aggravated money laundering.”

Obaid is a Swiss-Saudi dual national, while Mahony is a Swiss-British dual national.

‘Lavish lifestyle’

“The two accused used money misappropriated from 1MDB to acquire, among other assets, real estate in Switzerland and in London, jewellery, private equity, to develop PetroSaudi activities from which they received substantial income, and to maintain a lavish lifestyle,” the indictment said.

The Swiss public prosecution bureau thanked their counterparts in the United States, Malaysia, the UK, Singapore, Jersey, Canada and Barbados for their cooperation.

According to Mahony’s lawyers Maurice Harari and Laurent Baeriswyl, quoted in the Tribune de Geneve newspaper, the “verbose indictment… is the culmination of a totally biased and incomplete investigation”.

In 2005, Obaid served as a private adviser to the Saudi monarchy, the Swiss newspaper Le Temps wrote in a long investigation published in 2018.

PetroSaudi was based within the royal palace and the implicit guarantee of the crown opened doors in the oil world. In 2009, Obaid approached Najib, who became Malaysia’s prime minister that year.