Malaysia: Return of the Cronies

On October 17, Halim Saad, the executive chairman of Renong Group, bid RM5.2 billion (US$1.24 billion) in an attempt to acquire the government investment company Khazanah International’s majority interest in PLUS Malaysia Bhd., the country’s biggest highway concessionaire.

Although Halim’s bid was said to be the highest, apparently Prime Minister Mahathi…