KUALA LUMPUR: Former Prime Minister Datuk Seri Najib Tun Razak issued a rare apology over the looting of a state investment fund worth billions of dollars “under my watch” while reiterating his innocence.

Najib set up the 1Malaysia Development Berhad state fund, or 1MBD, shortly after taking power in 2009.

Investigators allege more than US$4.5 billion (RM19.5 billion) was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases.

The scandal upended Najib’s government and he was defeated in the 2018 election.

He faces a slew of legal cases and started serving time in 2022 after losing his final appeal in his first graft case.

The apology comes ahead of Wednesday’s court decision that will either acquit or order him to enter his defence in a second main graft trial, in which he faces four charges of abusing his power to obtain over $700 million from 1MDB and 21 charges of money laundering involving the same amount.

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

He also said he should have “acted differently” but was misled.

He reiterated he did not collaborate with fugitive financier Jho Low, identified by investigators as the mastermind behind the pilfering of the fund.

Najib added he had been punished politically and should not also be “legally victimised”.

“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,” he added.

Prosecutors allege that Najib embezzled billions of ringgits from 1MDB through an “elaborate charade” and then sought to cover his tracks.

Najib said he was fooled into believing it was a donation from the Saudi royal family.