I dunno. We now know he was a gaurdian before the mem wipe. But I do like Kreai's version better. Falling to save the republic (or trying to).
But, to me at least, I'd be more then willing to admit that he had every intention of saving the republic.....at first. Then he because consumed by wanting to control his own empire that he kept those shipyards and star bases alive for his own use. Of course, malak was an idiot and just destroyed everything.
I suppose its just open to interpretation.