Former Malaysian Finance Minister Tun Daim Zanuddin, 85, faces charges for failing to declare 71 asset properties, including a bank account, seven luxury vehicles (including a Rolls-Royce), 38 companies, and 25 real estate properties.
Here are five things to know about the businessman-turned-politician, dubbed the ‘Silent Millionaire’:
1. Tun Daim and Dr Mahathir share the same birthplace, Alor Setar
Tun Daim Zainuddin was born on April 29, 1938, in Derga, Alor Setar, Kedah. He was the youngest of 13 siblings. His educational background was atypical for those born in his era.
His early education began at Seberang Perak Malay School, and later, he attended Sultan Abdul Hamid College, which conducted lessons in English. He then completed his upper secondary education at St. Xavier’s Institution, which also offered lessons in English.
Eighteen months later, Daim studied law at Lincoln’s Inn in London before being called to the English Bar at the age of 21. In 1977, he enrolled at the University of California, Berkeley, to pursue a Master’s in Urban Planning. He achieved remarkable milestones, becoming a visiting scholar at the Harvard Institute of International Development and a visiting fellow at Cambridge University between 2002 and 2003.
2. Daim’s entry into politics in 1980
Then-Prime Minister Hussein Onn appointed him as a Senator in 1980, and he meteorically rose through the ranks. He was subsequently appointed as treasurer in UMNO.
His political involvement intensified when he was elected as a Member of Parliament (MP) for Kuala Muda in 1982. Exactly three years later, Daim was appointed as Finance Minister by his close friend, then-Prime Minister Mahathir Mohamad.
During his ministerial stints, he was credited with steering Malaysia out of recessions.
As a close friend of Dr Mahathir, he was brought back into politics when Dr Mahathir became prime minister again in 2018. Dr Mahathir established a five-man Council of Eminent Persons, led by Daim, with other members including former central bank governor Zeti Akhtar Aziz, former CEO of state oil company Petronas Hassan Marican, business tycoon Robert Kuok, and prominent economist Jomo Kwame Sundaram.
3. Daim exited the political scene to focus on his business ventures
His expertise in the banking sector was evident when he chaired Bank Rakyat and successfully acquired the Malaysia-France Bank in 1980.
In 1984, he gained control of the United Malayan Banking Corporation (RHB Bank). Despite enjoying great success in the banking industry, he had to cede control of both banks upon assuming the role of Finance Minister.
4. Daim is incredibly wealthy
While his exact net worth remains undisclosed, details disclosed in court depict Daim as a person of great wealth.
Daim entered the business arena in 1969, establishing the property development company Syarikat Maluri, as mentioned in court documents. This company played a key role in the development of two townships in Kuala Lumpur.
In 1981, Daim acquired Indo-Suez Bank, subsequently renaming it the Malaysian-French Bank. He later exchanged his predominant ownership in the Malaysian-French Bank for a smaller share in the United Malayan Banking Corporation which is now known as RHB.
5. He owns the 60-storey Ilham Tower in KL
In an affidavit, Daim asserted his controlling or substantial interests in numerous publicly listed companies, including SimeUEP, now recognized as Sime Darby, Guthrie, TV3, Maybank, Consplant, Cold Storage, and Nestle Malaysia.
The ownership of the 60-storey Ilham Tower in Kuala Lumpur lies within his family’s domain, constructed at an estimated cost of US$580 million (S$778 million). Unfortunately, authorities seized the tower on December 18.
On January 17, the ICIJ reported obtaining documents from a financial services firm in the Cayman Islands, revealing that Daim’s two younger sons and his wife were beneficiaries of a trust holding assets valued at US$52.5 million as recently as 2020.
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