Cannes Yacht Encounter Sparked Geneva Bankers’ Alleged $1.8 Billion 1MDB Fraud
- Pair of Swiss bankers face trial for role in 1MDB scandal
- Prosecutors say pair fabricated Saudi King links, oil assets
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It began with a meeting on a yacht off the coast of Cannes in the summer of 2009. The newly-elected prime minister of Malaysia was aboard at the invitation of businessman Jho Low and Saudi-Swiss businessman Tarek Obaid. The men had gathered to explore deals for Malaysia’s new economic development fund, 1MDB.
Fifteen years later, the prime minister is in a Malaysian prison serving time for corruption. Low, the alleged mastermind behind the $4.5 billion defrauding of 1MDB, remains at large. And Obaid and his business partner Patrick Mahony will stand trial at Switzerland’s top criminal court on April 2, accused of creating a sham oil exploration company through which they stole more than $1.8 billion in 1MDB funds.