M’sia ex-finance minister Tun Daim Zainuddin dies at 86

MALAYSIA: Tun Dr Daim Zainuddin, a former Malaysian finance minister and a central figure in the country’s economic strategy, died on the morning of 13 November at the age of 86.

As reported by local media, his lawyer, Gurdial Singh Nijar, confirmed his death, which reportedly occurred while Daim was receiving medical treatment at a hospital.

The former minister’s health had been in question in recent months.

In October, he was unable to attend a scheduled court hearing concerning his mental fitness for trial, as he had been admitted to Assunta Hospital in Petaling Jaya.

The prosecution was provided with Daim’s medical certificate by his defence team, delaying the proceedings.

Twice-appointed finance minister and architect of Malaysia’s economic reforms

Daim held the position of finance minister twice—first from 1984 to 1991, and again from 1998 to 2001—becoming a key figure in Malaysia’s economic policies.

His leadership saw him implement critical reforms and economic strategies, particularly during the 1998 Asian financial crisis, a period in which Malaysia faced significant economic challenges.

His policies helped to stabilise the economy, with strategic reforms that bolstered Malaysia’s financial standing domestically and abroad.

His career in public service extended beyond the ministry. He served as a member of Parliament for five terms between 1982 and 2004 and held various political roles, including that of Senator and UMNO Treasurer.

Born in 1938 in Alor Setar, Kedah, Daim’s early years were modest, shaped by his father’s role as a government clerk and his mother’s work as a homemaker.

He attended Sekolah Melayu Seberang Perak for his primary education, later continuing at Kolej Sultan Abdul Hamid (KSAH) and Institut St Xavier in Pulau Pinang.

Daim briefly returned to KSAH as an educator before pursuing a legal career.

In 1959, Daim qualified as a lawyer after studying at Lincoln’s Inn in London. His legal career included work in Kota Bahru, Kelantan, and positions as a magistrate in Johor and deputy public prosecutor in Perak.

He eventually transitioned to business, initially facing setbacks in the salt and plastics industries. However, his fortunes changed in 1973 when he moved into property development, acquiring valuable land in Maluri, Kuala Lumpur, and establishing Maluri Sdn Bhd, a firm where he held a 60% stake.

Over time, he expanded into the stock market and served as a business advisor to then-Prime Minister Dr Mahathir Mohamad.

In 2018, Daim returned to the public spotlight when Mahathir appointed him as chairman of the Council of Eminent Persons (CEP) following the Pakatan Harapan coalition’s victory.

The CEP was tasked with advising the government on economic policies, although it was dissolved in March 2020 after Pakatan Harapan lost power in the Sheraton Move.

Daim Zainuddin faces allegations in Pandora Papers scandal

Earlier this year, on 29 January 2024, Daim faced legal issues when he was charged at the Sessions Court with failing to declare assets under the Malaysian Anti-Corruption Commission (MACC) Act 2009.

According to the charge sheet, Daim had allegedly failed to provide a complete and truthful declaration of assets, omitting details related to a bank account, seven luxury cars, 38 companies, and 25 properties across Kuala Lumpur, Negri Sembilan, Pahang, and Perak.

The allegations against Tun Daim Zainuddin first surfaced in 2021 when Malaysiakini, a Malaysian online media outlet and a partner of the International Consortium of Investigative Journalists (ICIJ), exposed purported offshore assets linked to the former finance minister in the 2021 Pandora Papers investigation.

The Pandora Papers, a global collaboration led by the ICIJ, drew on 11.9 million confidential records leaked from 14 offshore financial service providers.

The cross-border investigation exposed how more than 300 politicians, business people and criminals worldwide used shell companies and trusts in some tax havens to hide their wealth or evade taxes.

Revelations from the Pandora Papers implicated Daim and members of his inner circle in offshore entities amounting to at least US$31 million.