Swiss Executive Appeals $1.8 Billion 1MDB Fraud Conviction

Patrick Mahony, a Swiss-British executive, will appeal a six-year sentence for his role in a $1.8 billion fraud involving Malaysia's 1MDB fund. Mahony and Swiss-Saudi Tarek Obaid were convicted on charges of fraud, criminal mismanagement, and money laundering. Both executives deny the charges and plan to appeal.

Patrick Mahony, a Swiss-British executive, plans to appeal his six-year sentence handed down by the Federal Criminal Court in Switzerland. Mahony was found guilty of participating in a $1.8 billion fraud scheme involving the Malaysian sovereign wealth fund 1MDB.

The 1MDB scandal, which first came to light in 2015, has implicated numerous financial institutions and individuals globally. Mahony and Swiss-Saudi Tarek Obaid, who received a seven-year sentence, both deny any wrongdoing and are preparing to appeal the court's decision.

Mahony's lawyer, Laurent Baeriswyl, criticized the judgment, arguing it unfairly attributes actions of Malaysian individuals to his client without proper evidence. He expressed confidence that the appeal court would recognize evidence exonerating Mahony.

(With inputs from agencies.)