On October 24, former Prime Minister Datuk Seri Najib Razak, currently serving time in prison, publicly expressed regret for the 1Malaysia Development Bhd (1MDB) scandal, acknowledging that it unfolded during his administration. His son, Datuk Mohamad Nizar Mohamad Najib, read a heartfelt statement from his father, who conveyed that it deeply troubles him that the multibillion-dollar scandal occurred on his watch.
“After spending 26 months reflecting in prison, and in light of recent developments concerning 1MDB, I feel compelled to make this statement. It pains me to recognize that the 1MDB scandal took place while I was the finance minister and prime minister. I sincerely apologize to the Malaysian public,” the statement read.
However, Najib reiterated his long-standing defense in his various court cases, maintaining that he believed the funds he received were legitimate political donations from Saudi Arabia, not stolen from the strategic state development fund. “As difficult as it may be for some to accept, I was advised and genuinely believed that the funds I received were donations from Saudi Arabia. Court proceedings have verified two substantial contributions from the Saudi government in 2010, which have not been part of any criminal or civil investigations,” he remarked.
While expressing deep regret over the events related to SRC International and 1MDB, Najib argued that being held legally accountable for actions he did not instigate or knowingly support was unjust. “I hope and pray that the judicial process will ultimately establish my innocence,” he said, adding that he has already faced political repercussions and should not endure further “victimization” through the courts.
Najib is currently serving his sentence in connection with the SRC case after Malaysia’s highest court rejected his appeal. In February, the Pardons Board reduced his initial 12-year imprisonment term and RM210 million fine to six years and RM50 million.
In his statement, Najib referenced a report by The Edge regarding PetroSaudi International Ltd (PSI) executives Patrick Mahony and Tarek Obaid. On August 28, the Swiss Federal Criminal Court ruled that both had misled the 1MDB board into believing PSI had connections with the Saudi government and would contribute significant oil assets to a joint venture. They were convicted of fraud, criminal mismanagement, and money laundering, accused of defrauding 1MDB of approximately $1.8 billion for their personal benefit. Obaid was sentenced to seven years in prison, while Mahony received a six-year sentence and both were ordered to repay $1.75 billion to 1MDB. Both individuals are currently appealing their convictions.
Najib stated, “The Edge concluded that PSI and fugitive businessman Jho Low collaborated to deceive me, suggesting that I was unaware of PSI siphoning funds from 1MDB and did not knowingly receive any money from those transfers.”
He acknowledged that, with hindsight, he should have acted differently in response to the concerns raised about 1MDB, emphasizing his trust in the company’s management and board of directors.
After reading his father’s statement, Mohamad Nizar did not take questions from reporters.
Ongoing Legal Challenges
Najib still has three criminal trials pending. On October 30, the High Court is set to decide whether he should enter his defense or be acquitted in the 1MDB-Tanore case, which involves 25 charges, including four counts of abuse of power related to receiving RM2.27 billion in gratification and 21 charges of money laundering.
Additionally, Najib is facing a case of criminal breach of trust involving RM6.6 billion related to the International Petroleum Investment Company (IPIC), where he is charged alongside former Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah. This trial is scheduled to begin next month. He also has a money-laundering case involving RM27 million in SRC funds, set to start in April of the following year.
SRC was previously a subsidiary of 1MDB.
