Kuala Lumpur. Imprisoned former Malaysian Prime Minister Najib Razak issued a rare apology Thursday 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 $4.5 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 defense 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 apologize unreservedly to the Malaysian people,” Najib said in a statement, adding 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 didn’t collaborate with Malaysian fugitive financier Low Taek Jho -- 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 victimized”.

“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.

Najib's current trial began in August 2019. It is the most significant as it ties him directly to the 1MDB scandal that has prompted investigations in the US and several other countries.

Prosecutors allege Najib embezzled billions of dollars from 1MDB through an “elaborate charade” and then sought to cover his tracks. Najib says he was fooled into believing it was a donation from the Saudi Arabia royal family.

He faces up to 20 years in prison for each count of abuse of power and up to five years for each of the money laundering charges. In addition, Najib still has a pending case involving a criminal breach of trust and another money laundering trial.

His wife and other senior government officials are also facing corruption charges.