12.1 C
Saturday, September 23, 2023
    HomeNewsAsiaSwitzerland indicts 2 managers of Saudi oil company in Malaysian sovereign fund...

    Switzerland indicts 2 managers of Saudi oil company in Malaysian sovereign fund scandal

    - Advertisement -

    Switzerland’s public prosecutor has charged two managers of the Saudi oil exploration company, Petro-Saudi, with commercial fraud, aggravated criminal mismanagement and aggravated money laundering as part of a major investigation into the Malaysia Development Berhad Fund (MDB) scandal.

    A statement issued by the Swiss prosecution’s office said the defendants were accused of trying to enrich themselves and others by misappropriating at least $1.8 billion transferred to the MDB. The charges were based on events that took place from 2009 until at least 2015, the prosecutors said.

    In November 2017, the Swiss Public Prosecutor’s Office launched its investigations into the case, and the charges brought before the Federal Criminal Court in the southern Swiss city of Bellinzona included commercial fraud, running a shady business and money laundering.

    The two defendants are accused of creating a “sham” joint venture between Petro-Saudi and the MDB, that would allow them to funnel $700 million to a Swiss company bank account.

    READ: Swiss bank collapse wipes out $1.5bn from Saudi investment

    Middle East Monitor

    - Advertisement -


    Please enter your comment!
    Please enter your name here

    Keep exploring...

    Complete Guide to Eid Prayer: Rituals, Cleanliness, Process, and More

    Eid Prayer is a significant festival in Islam, marking the end of Ramadan, the holy month of fasting. One of the most important aspects...

    Eid Al-Fitr: A Comprehensive Guide to Recommended Acts on the Day of Celebration

    Eid Al-Fitr, often referred to as "Eid," is one of the most significant and joyous festivals in the Islamic calendar. It marks the end...

    Related Stories

    Iran congratulates Saudi Arabia on National Day – Middle East Monitor

    Iran has greeted Saudi Arabia on the kingdom’s National Day amid a rapprochement between...

    Remembering Saudi National Day – Middle East Monitor

    Unless otherwise stated in the article above, this work by Middle East Monitor is...

    The Misunderstood Reason Millions of Americans Stopped Going to Church

    The defining problem driving people out is … just how American life works in...

    Libya flood disaster displaced over 43,000 people — IOM

    By AFP – Sep 22,2023 – Last updated at Sep 23,2023 A young flood survivor receives a...

    Mideast faces prospect of ‘environmental catastrophe’: Iraqi PM

    Prime Minister of Iraq Mohammed Shia Al Sudani addresses the 78th Session of the...

    Muslims and Jews must join forces to fight climate change

    RABBI MARC SCHNEIER September 22, 2023  Follow We have just entered the month-long season of the Jewish...

    Repentant Boko Haram member kills wife over alleged infidelity

    By Ndahi Marama, Maiduguri A repentant Boko Haram member, Musa Dauda has killed his wife...

    Muslim girl turned away from school in France for wearing hijab files complaint with UN – Middle East Monitor

    A Muslim student, who had been turned away from school for wearing a kimono,...

    Explore More Articles

    Welcome to the enlightening realm of our Islamic Articles Page – a digital sanctuary where knowledge, spirituality, and the rich tapestry of Islamic culture converge. In an era where information flows ceaselessly and the world seems to spin faster each day, our platform stands as a steadfast beacon of wisdom and reflection.