The CEO of the Center for Market Education said the court’s decision has sent out a positive signal that “nobody is untouchable” and justice can reach those who play a role in national politics.

However, he said, Najib’s departure from the political scene would leave a vacuum that can add to the climate of uncertainty.

“Let us not forget that Najib represented a part of Umno that is business friendly while the more recent two governments had displayed a higher propensity for interfering in the economy,” he told FMT Business.

He was referring to Muhyiddin Yassin’s government which stopped non-essential businesses and services for two weeks during the Covid-19 lockdown, and Ismail Sabri Yaakob’s government which introduced price ceilings on goods and a ban on foreign workers.

Ferlito also pointed out that a “wait and see” approach may be taken by foreign investors as a power struggle is expected to take place among different Umno factions.

“The one to emerge victorious would determine the kind of economic platform (they will campaign on),” he said.

Senior research fellow at the Malaysian Institute of Economic Research (MIER) Shankaran Nambiar shared similar sentiments, saying the court’s decision would be attractive to future investors.

“It points to the presence of a good institution,” he said.

However, he said one conviction may not be enough to reverse perceptions and establish the fact that the rule of law is an important part of the country’s institutional framework.

“Foreign investors will want to wait before passing judgment. One swallow does not make a summer,” he said.

He also noted that Ismail’s decision not to interfere in the judicial process will be viewed positively by the public.

Meanwhile, Malaysian International Chamber of Commerce and Industry executive director Shaun Cheah said the court’s decision will instill confidence in foreign investors that Malaysian commercial law remains intact.