Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Two managers of a Saudi oil exploration company were going on trial Monday in Switzerland for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever. The defendants from PetroSaudi, a Swiss-Saudi and Swiss-British national who were not identified by name for privacy reasons, are accused of having cooked up a scheme in 2009 under which 1 Malaysia Development Berhad, or 1MDB, would set up a joint venture based on false premises.