Najib apologises over 1MDB debacle, but maintains innocence

Former premier Najib Abdul Razak has apologised for the 1MDB debacle.

However, in a statement read out by his son Nizar, he maintained his innocence and pointed fingers at fugitive businessperson Low Taek Jho (Jho Low) and Petrosaudi executives.

“It pains me every day to know that the 1MDB debacle happened under my watch as finance minister and prime minister.

“For that, I would like to apologise unreservedly to the nation,” he said, as read out by Nizar on the steps of the Kuala Lumpur High Court today.

Nizar then left the court complex after reading the statement in both Malay and English, without taking questions from reporters.

‘I was duped’

In the statement, Najib cited an article by The Edge published earlier this month, which showed how Low and Petrosaudi executives Patrick Mahoney and Tarek Obaid colluded to swindle 1MDB funds.

The former Umno president claimed that the article showed that he was duped.

He also appeared to finally acknowledge that the US$681 million (the RM2.6 billion donation) channelled into his accounts was not a Saudi donation but a misappropriation from 1MDB.

However, he claimed to be completely unaware that this was stolen funds.

“The Edge had reached a conclusion in their article that Petrosaudi and Jho Low had collaborated to deceive me, that I was not aware that Petrosaudi was siphoning 1MDB funds and that I did not knowingly receive any money from the funds sent by 1MDB to Petrosaudi.

“As hard as it is for some people to fathom, I was advised and honestly believe at the time that the funds I received were political donations from Saudi Arabia,” he said.

No full exoneration

The Edge article he cited, however, does not fully exonerate him as claimed.

The article does conclude that Najib was unaware of the theft of 1MDB funds, but only up to 2010 at least, and regarding the theft of US$1.5 billion from bonds raised in 2009.

The article did not conclude whether or not Najib remained in the dark later on.

The US$681 million transfer to Najib occurred in 2013, and investigators have evidence that the US$620 million Najib returned went to accounts controlled by Low.

READ MORE: Pending high-profile court cases against Najib, 4 others

‘Should’ve acted differently’

Najib acknowledged he should have acted differently when 1MDB’s shenanigans came under public scrutiny.

“I did initiate various investigations but I was inclined to believe the explanations by the board and management.

“And then when I became suspicious about what was actually transpiring at 1MDB, my immediate concerns were its financial predicaments and the risk it posed to diplomatic and bilateral relations at the highest level,” he added.

He said he is still in deep shock and regret over what transpired in 1MDB, and that he has already been punished politically for it.

However, he said he should not face legal consequences for the scandal as well.

“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 said.

Doing time

Najib is serving his sentence at Kajang Prison after being convicted in the RM42 million SRC International corruption case.

He was originally sentenced to 12 years imprisonment and a RM210 million fine in lieu of an additional five years in jail.

However, the Pardons Board later decided to reduce his sentence to six years in jail and a RM50 million fine, as well as an additional year in prison if he failed to pay the fine.

READ MORE: KINIGUIDE | 'House arrest': Is there such a thing?

There is also controversy over the supposed existence of a “royal addendum” to the Pardons Board decision stating that Najib should serve the remainder of his prison sentence at home.

Apart from the SRC International case, Najib still faces various other 1MDB-related cases in court.

These are the RM2.28 billion 1MDB corruption case, the RM6.6 billion International Petroleum Investment Company criminal breach of trust case, and a money laundering case involving RM27 million from SRC.

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