Lengthy jail terms sought in Swiss US$1.8bil 1MDB fraud case

Geneva (AFP): Lawyers for two men accused of embezzling US$1.8bil (RM8.61bil) from the Malaysian sovereign wealth fund 1MDB began laying out their case Thursday (April 18) after Swiss state prosecutors sought hefty jail terms.

PetroSaudi chief executive Tarek Obaid, and Patrick Mahony, a director at the Saudi oil exploration and production company, are on trial at Switzerland's Federal Criminal Court in the southern city of Bellinzona.