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Political situation poses a challenge for foreign investment

BY: LIZAWATI MADFA

SHAH ALAM, JUL 25: The current political situation will likely impact the development of foreign investment to Selangor.

Invest Selangor Berhad CEO Hasan Azhari Idris said, however, the immediate effects have yet to be seen.

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“For now, there are no direct effects yet we will monitor the situation from time to time.

“We will also take steps regarding investors to ensure that they will stay with Selangor,” he told Selangorkini.

He said this at the Invest Selangor Open House that was also attended by Menteri Besar Dato’ Seri Mohamed Azmin Ali.

On July 20, The US Department of Justice filed a civil suit to forfeit assets that was allegedly bought with funds embezzled from 1Malaysia Development Berhad (1MDB).

DOJ revealed that a total of US$1 billion of funds was used to pay off gambling debts in Las Vegas, and to purchase a luxury yacht, interior decorations, property and a jet.

A total of US$731 million was also allegedly funnelled out of 1MDB to the Ambank account owned by ‘Malaysian Official 1’ who was listed as a ‘high-ranking official’ and holding a position of ‘power’ in 1MDB.

Riza Aziz, Prime Minister Datuk Seri Najib Razak’s stepson, was listed in the suit as a relative of ‘Malaysian Official 1’.

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