00:00 Two men accused of embezzling 1.8 billion US dollars from Sovereign Wealth Fund 1MDB
00:07 went on trial in Switzerland on Tuesday.
00:10 This trial marks the latest development in the extensive multi-billion dollar financial
00:15 scandal.
00:16 According to AFP, Tariq Obaid and Patrick Mahoney will plead not guilty, their lawyers
00:21 have indicated.
00:22 They are accused by Swiss state prosecutors of involvement in the vast embezzlement operation
00:28 orchestrated by Lothik Jo, also known as Jolo, and adviser to former Prime Minister Najib
00:33 Raza.
00:34 The latest trial, scheduled to last throughout April, is taking place at the Federal Criminal
00:39 Court of Switzerland in the southern city of Balenzona.
00:43 According to the original indictment, the two accused are alleged with the aim of enriching
00:47 themselves and others to have misappropriated at least 1.8 billion US dollars.
00:53 This money was transferred by 1MDB in connection with a joint venture with the Saudi oil exporter.
00:58 The indictment also said the two accused used the misappropriated funds from 1MDB to acquire
01:09 real estate in Switzerland and in London, jewelry, private equity, and to develop Petro
01:14 Saudi activities from which they received substantial income, among others.
01:18 (upbeat music)
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