Daim’s family exposed in offshore trust investigation worth hundreds of millions

IN the midst of an investigation by the Malaysian Anti-Corruption Commission (MACC), a leaked document has exposed that former finance minister Tun Daim Zainuddin’s family is the owner of another offshore trust asset worth hundreds of millions of ringgit.

The document, obtained by the International Consortium of Investigative Journalists (ICIJ) and shared with Malaysiakini, revealed the establishment of a trust on behalf of Daim’s wife Naimah Khalid and his two sons Muhammed Amir Zainuddin and Muhammed Amin Zainuddin.

The wife and children of the prominent conglomerate figure were summoned to the headquarters of the MACC to provide statements last week.

Last Tuesday (Jan 16), four individuals associated with Daim were also called in for questioning.

Daim, who was supposed to provide a statement before being charged a few days ago, claimed to be ill and entered a hospital, avoiding the process. He has also filed a lawsuit against the MACC to contest their investigation into him.

Previously, the former finance minister was part of the investigation conducted by the MACC concerning a corporate transaction valued at RM2.3 bil in November 1997, which involved Renong Bhd and United Engineers Malaysia Bhd (UEM). Both entities had been previously associated with UMNO during its governance of the country.

Moreover, MACC’s investigation into Daim was prompted by revelations about his wealth in the Pandora Papers. The exposé disclosed that companies and trust-holding firms owned by Daim’s children, wife, or business associates collectively held assets valued at least at RM141 mil.

Last month, the MACC also seized the Menara Ilham building on Jalan Binjai in the capital city, alleged to be owned by the Daim family.

Furthermore, Daim contends that he would have even more wealth if he had not entered politics and held positions in the government.  – Jan 18, 2023


Main photo credit: The Edge

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