Balaji Srinivasan’s Forest City project in Johor put a more than 500 million MYR ($122 million) expansion on hold after allegations triggered an immigration probe, though initial checks found 266 foreigners had valid documents.
Network School has paused a planned Malaysia expansion worth more than 500 million Malaysian ringgit ($122 million) after allegations prompted an immigration investigation into its Forest City project in Johor. Malaysia’s Home Affairs Ministry said it was probing claims that the community hosted Israeli citizens using second passports or otherwise violated immigration rules, while initial checks found all 266 foreigners there held valid travel documents. Founder Balaji Srinivasan, the former chief technology officer of Coinbase, said the project has already invested more than 100 million MYR and created local jobs, but any further investment is on hold pending sufficient assurances from the Malaysian government. He has asked to meet Prime Minister Anwar Ibrahim and is seeking a memorandum of understanding or similar arrangement to provide legal certainty that Network School is welcome to keep investing in Malaysia.