In the 1970s, Syed Mokthar ventured into rice transportation and secured a rice trading license for his company, Shah Enterprise Sdn Bhd, which allowed him to secure contracts to supply rice to entities such as the
Federal Land Development Authority,
Majlis Amanah Rakyat, Pernas Edar, and Sergam Bhd, all of which were government-linked agencies. His involvement in rice trading allowed him to make connections with individuals who went on to take up influential political positions, including former prime minister
Muhyiddin Yassin and Perlis chief minister
Shahidan Kassim. His business interests eventually expanded to include manufacturing, shipping, property development and agriculture. By the 1990s, he began buying into publicly listed companies and acquiring state-owned enterprises as part of
Mahathir Mohamad's privatisation initiatives. The two became close during this period. as well as Tradewinds (M) Berhad, which owns
Padiberas Nasional Bhd, which has a monopoly on the Malaysian rice industry. Syed Mokthar's financials suffered during the mid-to-late 2000s, coinciding with
Abdullah Ahmad Badawi premiership. The latter had terminated a RM14.5 billion double-track rail installation project by MMC Corporation and shelved a proposal by Syed Mokthar to build a US$2 billion aluminium smelter in Sarawak. His group of companies had also accrued a large debt, estimated to be RM30 billion, much of it linked to the power production company Malakoff Bhd, a subsidiary of MMC Corporation. MMC Corporation was eventually awarded a contract to lay the northern portion of the double-tracked rail system for RM12.5 billion together with
Gamuda. During the rule of
Najib Razak, Syed Mokhtar's
DRB-HICOM Defence Technologies was awarded a US$2.5 billion contract to supply
DefTech AV8 armoured personnel carriers. The deal attracted some scrutiny, as comparable options were substantially cheaper. Syed Mokhtar was reported to be well-liked by Najib. In 2019, Syed Mokhtar became the largest shareholder of
Media Prima, the biggest media and entertainment conglomerate in
Malaysia, through Aurora Mulia Sdn Bhd, with a 31.22% stake. He also controls Media Mulia Sdn Bhd, which publishes
Utusan Malaysia, the country's oldest Malay-language daily. In May 2020, Malaysia's Ministry of Communications and Multimedia awarded the highly lucrative 5G telecommunications spectrum contract to a company called
ALTEL, a subsidiary of
Puncak Semangat, a firm primarily controlled by Syed Mokhtar. He is the minority shareholder of
Lotus Cars, with a 49% stake through Etika Automotive, a subsidiary of Etika Strategy, which also holds a smaller 30% stake of Lotus Technology, Lotus' electric vehicle division. In 2023, Muhyiddin Yassin was charged with abuse of power and money laundering, having allegedly received RM232.5 million from corporate entities. These included Bukhary Equity Sdn Bhd, of which 99% is owned by Syed Mokthar. ==Philanthropy==