KUALA LUMPUR: Malaysia's Pardons Board said Friday it has reduced ex-prime minister Najib Razak's 12-year jail sentence by half and sharply cut the fine imposed after his corruption conviction.

The board said it approved the reduction at a meeting on Monday chaired by the country's then-king, Sultan Abdullah Sultan Ahmad Shah, to consider Najib's application for a royal pardon.

Malaysia has a unique rotating monarchy system, and a new king was sworn in on Wednesday. With the sentence commuted, Najib will be freed by Aug. 23, 2028, the board said.

It said it also decided to cut Najib's 210 million ringgit ($44.5 million) fine to 50 million ringgit ($10.6 million). If he fails to pay the fine, his jail term would be extended by another year, the board said.

Despite his conviction, Najib is still influential in his party, the United Malays National Organization, which is now a member of Prime Minister Anwar Ibrahim's unity government.

Najib, 70, was imprisoned in August 2022 after losing his final appeal in his first of several corruption trials linked to the multibillion-dollar looting of a state fund, 1 Malaysia Development Berhad (1MDB).

He became Malaysia's first former leader to be imprisoned after the shocking defeat of his long-ruling coalition in a 2018 general election due to the 1MDB scandal. 1MDB was a development fund that Najib set up shortly after taking power in 2009.

Investigators allege at least $4.5 billion was stolen from the fund and laundered by Najib's associates through layers of bank accounts in the US and other countries.

They were also said to have financed Hollywood films and extravagant purchases that included hotels, a luxury yacht, art and jewelry. More than $700 million landed in Najib's bank accounts.