The 62-year-old with a chequered political past joins media tycoon Datuk Tong Kooi Ong and Datuk Wira Dani Daim, son of former finance minister Tun Daim Zainuddin, in buying up the controlling stake in budding Singapore listed companies.

This is part of a trend observers are expecting to continue this year, the Singapore daily said “given the uncertainty of the election outcome, which has caused jitters in the business circles there”.

Zaid had last month bought up 350 million new shares in Singapore-based Ipco International for S$6.9 million (RM17.15 million), which gives him a seven per cent stake in the listed company with a finger in a large number of pies worldwide ranging from construction and infrastructure to the energy sector.

“The company is already working on the business and I have some time to contribute to what it has in China,” the former de facto law minister told  ST, adding that Singapore was the best place to do business.

The founder of the country’s leading law firm told the paper he was drawn to invest in Ipco, which has rights to produce and supply oil and natural gas production rights in China.

“I’ve got to start somewhere and Ipco is Singapore-based, which is why I like it. There’s better exposure and more liquidity,” Zaid was reported saying. [link]