Switzerland indicts PetroSaudi pair over US$1.8 billion 1MDB fraud

TWO PetroSaudi International Ltd officers were indicted in Switzerland over charges they helped to steal US$1.8 billion (RM8 billion) from 1MDB between 2009 and 2011, media reports said.

The Swiss Attorney-General’s Office (OAG) said the two had schemed with Malaysian financier Low Taek Jho to set up a joint venture for a fake project in Turkmenistan to defraud the Malaysian sovereign wealth fund.