KUALA LUMPUR, Malaysia (AP) — 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, who is from Najib's home state of Pahang, 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, or 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 U.S. and other countries and 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.

Najib was found guilty in 2020 of seven charges of corruption for illegally receiving $9.4 million from SRC International, a former unit of 1MDB. He still faces several other graft trials linked to 1MDB. His wife, Rosmah Mansor, was also sentenced in 2022 to 10 years in prison and a record fine of 970 million ringgit ($205 million) for corruption involving a solar energy project and is out on bail pending an appeal.

Najib has maintained his innocence, alleging he was duped by Malaysian financer Low Taek Jho, thought to be the mastermind of the scandal, who remains at large.