Zaid Ibrahim quits politics

The former law minister who was banking on contesting in 'any urban seat' provided he had Pakatan’s support will be focusing on business instead.

PETALING JAYA: Former minister and ex-Kita chief Zaid Ibrahim has quit politics and entered the corporate sector in a bid to “try something else”.

“Yes, I am quitting politics to concentrate on business. But I will continue to write, I will continue to give ideas and suggestions on politics,” Zaid told FMT today.

It was only last November that the lawyer-turned-politician had told reporters he would contest in any urban seat in the 13th general election, provided he had opposition coalition Pakatan Rakyat’s
backing.

But when asked today whether he would continue to support Pakatan or turn to Barisan Nasional instead, he replied: “I will support whoever does right for the country.

“If you do the right thing, I will support, no matter which side you are from.”

Zaid’s abrupt departure from politics comes in the wake of his S$6.9 million (RM17.15 million) purchase of 350 million shares from Singapore-based Ipco International.

The Straits Times reported today that Zaid’s purchase will give him a 7% stake in Ipco, which has a diversified portfolio of investments.

Ipco had said that Zaid “is well-connected in Malaysia and in the region and the company can leverage his extensive connections… and knowledge in the oil and gas industry in order to grow its own oil and gas business” the Straits Times reported.

Commenting on this, Zaid said: “[The investment is] just a start, to see how things are. I am trying something else besides politics, so we’ll see how far it goes.”

When asked whether he would venture into further business, the former PKR member chuckled and said: “One step at a time.”

Zaid was a member of Umno and the de facto law minister before he was sacked for attending Pakatan events and assemblies in 2009.

He joined PKR soon after, but quit a year later, citing loss of confidence in the party’s leadership in its handling of the 2010 internal elections.

In 2011 he founded his own party, Kita, but resigned as its chief in November, citing health reasons.