Swiss indict 2 managers of Saudi oil company in 1MDB scandal
Swiss prosecutors say they have indicted two managers of a Saudi oil exploration company as part of a yearslong international investigation of a Malaysian sovereign wealth fund GENEVA -- Swiss prosecutors said Tuesday they have indicted two managers of a Saudi oil exploration company as part of a yearslong international investigation of a scandal linked to a Malaysian sovereign wealth fund that the FBI once described as the “biggest kleptocracy case” ever. The office of Switzerland's attorney general said the two PetroSaudi managers were accused of trying to enrich themselves and others by misappropriating at least $1.8 billion transferred to the 1Malaysia Development Berhad fund. Swiss officials did not name the pair, citing privacy reasons. The indictments are the first of their kind in Switzerland, where some financial institutions were ensnared in the far-reaching scandal involving the state-owned investment fund known as 1MDB. Malaysian investigators allege that more than $4.5...