FORMER finance minister Tun Daim Zainuddin has died while receiving treatment in the hospital. He was 86.
His lawyer Datuk Dr Gurdial Singh Nijar told The Star that he passed away on Wednesday (Nov 13) after having been admitted at Assunta Hospital last month.
Daim was born on April 29, 1938, in Kedah and served as Malaysia’s Minister of Finance from 1984 to 1991.
Despite facing several controversies during his time in office, Daim’s strategic reforms, particularly in mobilising the private sector and revitalising public enterprises, left a lasting impact on Malaysia’s economic policies.
He was also credited with creating a number of successful Bumiputera entrepreneurs, many of whom became wealthy as a result of his policies.
During his tenure, he was credited with guiding the country through an economic recession and into a period of high growth.
He resigned from his post in 1991 but made a return to public service eight years later.
In 1999, Daim was reappointed as Finance Minister, where he spearheaded a major consolidation of domestic commercial banks and stockbroking firms.
One of his key proposals at the time was to reduce the 54 local banks and finance companies to just six anchor banks.
In May of last year, Daim Zainuddin was investigated for alleged corruption related to RM2.3 billion, following revelations in the Pandora Papers.
In January of this year, he was also charged for failing to declare 71 assets, including luxury cars and properties. Daim has claimed that the charges are politically motivated, alleging persecution by the current government.
Recently, his attempt to have his criminal charges moved to another Sessions Court was rejected.
Sessions Court judge Azura Alwi dismissed Daim’s application, ruling that he had not demonstrated a valid concern of bias in the trial. —Nov 13, 2024
