Former Malaysian prime minister Najib Razak has been charged with corruption, in a dramatic fall from grace two months after he lost office.
He pleaded not guilty to three counts of criminal breach of trust and one of abuse of power, and was freed on bail.
Mr Najib is accused of taking $700m (£517m) from a state fund he set up.
Police have recovered $273m in luxury goods and cash from raids on properties linked to Mr Najib. He and his wife say the items were legally acquired.
A new investigation into the state development fund 1MDB began after his shock election loss in May.
Mr Najib was arrested by anti-corruption authorities on Tuesday and spent the night in detention.
In a video posted on Twitter a day earlier, he appealed to the public not to believe the reports, saying that not all of the accusations were true. "I have not had a chance to defend myself," he said.
The charges against him each carry a maximum of 20 years imprisonment.
The bail amount was set at 1m Malaysian ringgit ($250,000; £190,000).