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They have embezzled and laundered $1.8 billion for their own interests or for the benefit of third parties, the federal prosecutor’s office (BA) said on Tuesday. According to the information received, this was done through a joint venture. The funds are said to have later been converted into an Islamic loan. Crimes occurred from 2009 to at least 2015.
BA began its investigation in November 2017. The charges brought before the Federal Criminal Court in Bellinzona are commercial fraud, unfair business conduct and money laundering.
The two defendants are said to have given the impression that the joint venture between Saudi Arabia and the state wealth fund was an agreement between governments. To do this, they used a meeting on a yacht near Cannes.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
