Trial over US$1.8bil 1MDB fraud opens in Switzerland

Free Malaysia Today

Tarek Obaid and Patrick Mahony are accused of involvement in the vast embezzlement operation orchestrated by Jho Low.  Read More: https://www.freemalaysiatoday.com/category/nation/2024/04/03/trial-over-us1-8bil-1mdb-fraud-opens-in-switzerland/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #1MDB #TarekObaid #PatrickMahony

Transcript

00:00 Two men accused of embezzling 1.8 billion US dollars from Sovereign Wealth Fund 1MDB

00:07 went on trial in Switzerland on Tuesday.

00:10 This trial marks the latest development in the extensive multi-billion dollar financial

00:15 scandal.

00:16 According to AFP, Tariq Obaid and Patrick Mahoney will plead not guilty, their lawyers

00:21 have indicated.

00:22 They are accused by Swiss state prosecutors of involvement in the vast embezzlement operation

00:28 orchestrated by Lothik Jo, also known as Jolo, and adviser to former Prime Minister Najib

00:33 Raza.

00:34 The latest trial, scheduled to last throughout April, is taking place at the Federal Criminal

00:39 Court of Switzerland in the southern city of Balenzona.

00:43 According to the original indictment, the two accused are alleged with the aim of enriching

00:47 themselves and others to have misappropriated at least 1.8 billion US dollars.

00:53 This money was transferred by 1MDB in connection with a joint venture with the Saudi oil exporter.

00:58 The indictment also said the two accused used the misappropriated funds from 1MDB to acquire

01:09 real estate in Switzerland and in London, jewelry, private equity, and to develop Petro

01:14 Saudi activities from which they received substantial income, among others.

01:18 (upbeat music)

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