Imprisoned former Malaysian leader apologizes for fund embezzlement scandal and reiterates his innocence

KUALA LUMPUR, Malaysia (AP) — Imprisoned former Malaysian Prime Minister Najib Razak issued a rare apology Thursday over the looting of a sovereign wealth fund worth billions of dollars “under my watch,” as he reiterated his innocence.

Najib has the 1 State Fund Malaysia Development Berhador 1MBD, shortly after he came to power in 2009. Investigators allege that more than $4.5 billion was stolen from the fund and laundered by its associates to finance Hollywood films and extravagant purchases. The scandal rocked Najib’s government and he was defeated in the 2018 elections. He faces a slew of lawsuits and began serving time in 2022 after losing his final appeal in his first graft case.

The apology comes ahead of Wednesday’s court decision, which will either acquit him or order him to defend himself in a second main investigation, in which he faces four charges of abusing his power to obtain more than $700 million from 1MDB and 21 counts of money laundering involving the same amount.

“It pains me every day to know that the 1MDB debacle took place under my watch… For that, I would like to apologize unreservedly to the Malaysian people,” Najib said in a statement, adding that he was “still in deep shock was now that he knew the extent of the wretched and unscrupulous shenanigans and illegal things that happened in 1MDB.

He also said he “should have acted differently” but was misled. He reiterated that he did not cooperate with Malaysian fugitive financier Low Taek Jho – identified by investigators as the mastermind behind the fund theft. Najib added that he had been politically punished and should also not be “legally victimized.”

“It is unfair to me to be held legally responsible for things that I did not initiate or consciously enable, and I hope and pray that the legal proceedings will ultimately prove my innocence,” he added.

Najib’s current trial started in August 2019. It is the most important because it ties him directly to the 1MDB scandal that has sparked investigations in the US and several other countries.

Prosecutors allege Najib embezzled billions of dollars from 1MDB through an “elaborate charade” and then tried to cover his tracks. Najib says he was fooled into believing it was a donation from Saudi Arabia’s royal family.

He faces a prison sentence of up to 20 years for each charge of abuse of power and up to five years for each charge of money laundering. In addition, Najib still has an ongoing criminal breach of trust case and another money laundering case.

His wife and other senior government officials are also accused of corruption.