Malaysia: 92-year-old Mahathir Mohamad set to become world's oldest leader

Razak, who's rule in recent years were marked by corruption, was challenged by his former mentor, who switched to the opposition after breaking his retirement.

Speaking to the media on Thursday, Mohamad said, "Yes, yes, I am still alive."

He added that his goal is to 'restore the law' and said that he is not looking for revenge.

However, critics feel that a smooth transition in power may not happen, as the previous coalition, Barisan Nasional (BN), who were recently ousted, remained in power since independence in 1957.

Following his loss, the former Prime Minister Najib Razak said that he will 'accept the verdict of the people'.

As no single party registered a majority, it is up to the Malaysian king to decide who will form the cabinet.

Mohamad's Pakatan Harapan - the Alliance of Hope - won 113 of the 222 seats being contested, while BN secured 79 seats.     

The 92-year-old ruled the country for 22 years, from 1981 until his resignation in 2003.

According to reports, Mohamad's rule was marked by economic success, however, he was largely a authoritarian, who even imprisoned his own deputy, Anwar Ibrahim, accusing the latter of corruption and sodomy.

Ibrahim, who was jailed for sodomy, had called for political reforms, before he was exiled.

Najib too has been accused of corruption, which he has refused unequivocally.

Accusation against the former Prime Minister consists of embezzling state funds, amounting to USD 700 million, from an investment fund he set up.

Though Malaysian officials have cleared him of the charges, Najib has copped criticism of retarding investigations by removing key investigators and officials from their posts.