KUALA LUMPUR, Malaysia — Former Malaysian Prime Minister Najib Razak, who is currently incarcerated, publicly expressed remorse on Thursday regarding the misappropriation of billions from a state investment fund that occurred “under my watch,” while maintaining his claim of innocence.
Najib established the 1Malaysia Development Berhad (1MDB) fund shortly after he assumed office in 2009. Authorities have alleged that over $4.5 billion was misappropriated from this fund and subsequently laundered by his associates to finance lavish lifestyles, including Hollywood film projects. This scandal led to the collapse of Najib’s administration, culminating in his electoral defeat in 2018. He is now facing multiple legal challenges and began serving his sentence in 2022 following the dismissal of his final appeal in a corruption case.
His apology arrives just days before a court ruling that may either clear him of allegations or compel him to present a defense in a significant corruption trial. In this case, he faces four charges related to the misuse of power to acquire over $700 million from 1MDB, as well as 21 money laundering accusations linked to the same amount.
In his statement, Najib expressed deep regret, stating, “It pains me every day to know that the 1MDB debacle happened under my watch … For that, I would like to apologize unreservedly to the Malaysian people.” He added that he was “still in deep shock” about the “wretched and unconscionable shenanigans” and illegal activities associated with the fund.
He acknowledged that he should have “acted differently” but claimed he was misled throughout the process. Furthermore, he denied any collaboration with Low Taek Jho, a fugitive financier identified by investigators as the principal orchestrator behind the fund’s theft. Najib emphasized that he had already faced political repercussions and should not be subjected to additional legal penalties. He stated, “Being held legally responsible for things that I did not initiate or knowingly enable is unfair to me, and I hope and pray that the judicial process will, in the end, prove my innocence.”
Najib’s ongoing trial, which commenced in August 2019, is particularly critical as it connects him directly to the 1MDB scandal that has triggered investigations not just in Malaysia but also in the United States and several other nations.
Prosecutors argue that Najib embezzled substantial funds from 1MDB through a complex scheme and then endeavored to conceal his involvement. He maintains that he was deceived into believing the funds were a legitimate donation from the Saudi Arabian royal family.
If found guilty, he faces a potential sentence of up to 20 years for each count of abuse of power and up to five years for each money laundering charge. Najib also has an unresolved case related to criminal breach of trust as well as another money laundering trial pending. In addition, his wife and several senior officials from his administration are confronting similar corruption allegations.