Former PetroSaudi International executive and 1Malaysia Development Bhd (1MDB) whistleblower Xavier Justo said on August 29 that "justice has been served", following the conviction of two of his former colleagues for the embezzlement of 1MDB funds.
Switzerland's Federal Criminal Court on Wednesday convicted Patrick Mahony and Tarek Obaid, top executives at Geneva-based oil exploration company PetroSaudi, for misappropriating more than US$1.8 billion (RM7.81 billion) from 1MDB.
Following the verdict, Justo took to LinkedIn to express his profound sense of relief and vindication. "After a decade of relentless struggle, justice has finally prevailed. For ten long years, we fought tirelessly to bring these criminals to account."
"The path was arduous, filled with countless obstacles, sleepless nights, and moments of doubt that tested our resolve. Yet we never wavered in our belief that truth and justice would triumph, no matter the power of the opposition," the post read, accompanied by a photo of himself, his wife Laura, and son Xander.
While the conviction is a notable achievement, Justo noted that the legal process is not yet complete. He pointed out that lawyers for the defendants are expected to appeal against the verdict, which could prolong the resolution of the case.
"...the lawyers have emerged as the true victors, profiting from the stolen funds they aim to prolong the legal proceedings through appeals," he said.
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Additionally, Justo emphasised that a key issue remains as Obaid is seeking to gain access to the more than US$300 million frozen in London. "I will ensure that this money rightfully belongs to the Malaysian and Venezuelan people, not the criminals."
Justo's statement concluded with a message of gratitude to those who supported the fight for justice. "To everyone who stood by us, believed in us, and never lost faith, we thank you. This victory is for all of us. Justice has been served," he declared.
Obaid and Mahony were found guilty at the Swiss court over their parts in a vast embezzlement of 1MDB funds, allegedly orchestrated by fugitive businessman Low Taek Jho, better known as Jho Low. The convictions can be challenged on appeal and the prosecution's request for their immediate detention in custody was rejected by the court.
Prosecutors in the case alleged that the duo helped to set up a joint venture (JV) with 1MDB by creating the impression that PetroSaudi was backed by the Saudi government, which was in fact not the case.
The court sentenced Obaid to seven years’ imprisonment and Mahony, six. The judgement also permitted the recovery of US$1.75 billion to Malaysia. Further, the court ordered that the duo’s assets, totalling US$240 million, be confiscated and restored to 1MDB.
Justo was the whistleblower who leaked details to The Edge and The Sarawak Report about how billions of ringgit were siphoned off from 1MDB between 2009 and 2011. The sovereign fund set up by former prime minister Datuk Seri Najib Razak had entered into the JV with PetroSaudi in 2009, when Xavier was director, to promote economic development through global partnerships.
The JV was proven to be a fraud as more than US$4 billion was stolen from the 1MDB fund and laundered through major financial institutions in the US, Switzerland, Singapore and Luxembourg.
Information provided by Justo — 90GB of data, including 227,000 emails — led to exposés on what the US Department of Justice called the “largest kleptocracy case to date” and investigations by authorities all over the world into corruption and money laundering.
But Justo had to pay a heavy price for providing the information. He was arrested in Bangkok in June 2015, and was then sentenced to three years’ jail after Thai police said he admitted to attempting to blackmail his former employer. After being incarcerated in a Thai prison for 18 months, Justo, along with 150,000 other inmates, was released after being granted a royal amnesty by the Thai king.
