PetroSaudi executives

Two executives from PetroSaudi, Tarek Obaid and Patrick Mahony, were sentenced by a Swiss court for their roles in embezzling $1.8 billion from Malaysia's 1MDB sovereign wealth fund. Obaid received a seven-year prison term, while Mahony was sentenced to six years. The court found them guilty of fraud, aggravated misuse of funds, and money laundering, describing their actions in the scheme as part of the 'scam of the century.' They were alleged to have falsely represented a joint venture with 1MDB and diverted funds under the guise of investment opportunities. The court also ordered them to pay $2 billion plus interest to 1MDB. Both sentences may be appealed, and the prosecution had initially sought longer prison terms for the defendants.