Swiss Court Finds Malaysian Ex-Official Guilty of 1MDB Fraud, Orders Billions in Restitution

A Swiss court has convicted a former Malaysian official and his business partner in the 1MDB scandal, finding them guilty of fraud and money laundering. The court found that the defendants, who were not named in the report, had embezzled over US$1 billion from the Malaysian sovereign wealth fund 1MDB. They were ordered to repay US$1.75 billion, plus 5% interest, to the fund. The court also ordered the seizure of five properties in Switzerland and London. The court’s verdict highlights the international scope of the 1MDB scandal, which has implicated high-ranking officials and business executives in multiple countries.