KUALA LUMPUR – Swiss prosecutors in the trial of two former PetroSaudi executives facing corruption charges involving 1Malaysia Development Bhd (1MDB) are seeking nine to 10-year jail sentences for the duo.
Tarek Obaid and Patrick Mahony are both on trial in Switzerland’s federal criminal court, where their lawyers today began laying out their case against charges of embezzling US$1.8 billion (RM8.6 billion) from 1MDB.
Prosecutor Alice de Chambrier sought a 10-year sentence for Obaid, who is PetroSaudi’s chief executive, and nine years for Mahony, AFP reports.
She said they had committed the “scam of the century”, describing them as “calculative, manipulative and obscenely greedy” to the court.
De Chambrier also asked the court to order their detention as both were flight risks.
Obaid and Mahony were charged in the Swiss court in April last year with stealing US$1.8 billion from 1MDB through a 2009 joint venture with the Malaysian state investment firm.
The money was siphoned through fraudulent schemes that involved shell companies and bank accounts linked to fugitive financier and alleged 1MDB scandal mastermind, Low Taek Jho, or Jho Low.
The charge against Obaid, who has dual Swiss-Saudi nationality, and Mahony, who is Swiss-British, allege that they used the stolen money to buy luxury properties in Switzerland and London, jewellery and private equity, and to maintain a lavish lifestyle. They also used the funds to develop PetroSaudi activities which they benefited from financially.
The trial, which began earlier this month and is being heard by three judges, saw the prosecution asking the court to order that assets seized be confiscated and returned to 1MDB.
The hearing is expected to be completed by the end of the month, with a verdict to be delivered later. – April 18, 2024