Bangkok: For two years Malaysian Prime Minister Najib Razak has shrugged off revelations by foreign journalists that almost $1 billion turned up in his personal bank accounts amid one of the world's biggest ever financial scandals.

Now Mr Najib, preparing to call early elections, has accused journalists of fabricating fake news about Malaysia.

Malaysian Prime Minister Najib Razak. Credit:AP

"This tide of fake and false news threatens of turn the truth into a purely subjective matter, with little relation to the actual facts," he told an Asian media awards event in Kuala Lumpur on Wednesday evening.

In a country where the mainstream media is tightly controlled by the government and small independent media outlets are under constant threat of closure and legal action, Mr Najib also claimed that free speech is "thriving", pointing to what he called regular criticism of the government, ministers and officials in the local media.