embezzlement

Oil execs convicted for embezzling from Malaysia’s 1MDB

Two oil exploration executives have been convicted by the Swiss Federal Criminal Court for embezzling over $1.8 billion from Malaysia’s state investment fund 1MDB. Swiss-British Patrick Mahony and Swiss-Saudi Tarek Obaid must repay more than $1.75 billion to the fund, with the difference attributed to interest payments returned during the scam. This verdict is the latest chapter in the 1MDB…