Malaysian property developer SP Setia’s chief executive expects a shakeup in the country’s politics to deal a blow to government cronies and help his company to double profit.
“I think it’s very good for us. For any company that’s open and transparent it will be very good. If you are a crony and depend on handouts you’re going to suffer,” Chief Executive Liew Kee Sin said in the most outspoken comments by a business leader since the ruling coalition’s March 8 election debacle.
“If you’re not dependent on the government to feed you things, I think you will do much better now than before.”
The election result prompted sweeping changes to the cabinet of Prime Minister Abdullah Ahmad Badawi and some big policy changes have already been signalled, including reforms to the judiciary and a review of Malaysia’s murky system of subsidies.