Malaysia’s jailed ex-PM Najib apologises for mishandling of 1MDB scandal

By admin-s Last updated Oct 24, 2024

Jailed former Malaysia Prime Minister Najib Razak on Wednesday issued a rare apology for his mishandling of the multibillion-dollar 1MDB financial scandal, but maintained he had no knowledge of illegal transfers from the now-defunct state fund.

(Reuters) – 1Malaysia Development Berhad (1MDB), a sovereign wealth fund co-founded by Najib in 2009 while he was premier, has faced corruption probes in at least six countries over the alleged misappropriation of over $4.5 billion by high-level officials of the fund and their associates.

Malaysia’s top court in 2022 upheld a guilty verdict against Najib for corruption and money laundering for illegally receiving about $10 million from former 1MDB unit SRC International, sentencing him to 12 years in prison. The sentence was later halved by a pardons board chaired by Malaysia’s former king.

Najib, 71, has consistently denied wrongdoing and on Wednesday expressed remorse about the 1MDB scandal in a letter read at a press conference by his son, Mohamad Nizar Mohd Najib.

“It pains me every day to know that the 1MDB debacle happened under my watch as minister of finance and prime minister,” the former premier said, according to the letter.

“For that, I would like to apologise unreservedly to the Malaysian people.”

Najib said while he initiated investigations into 1MDB, he should have acted differently when questions about its dealings first arose, adding his concerns at the time were its finances and the diplomatic risks the scandal posed.