KUALA LUMPUR: The late Tun Daim Zainuddin has been laid to rest at the Bukit Kiara Muslim Cemetery here on Wednesday (Nov 13).
The burial concluded about 6.10pm.
It was led by a senior imam from Masjid Wilayah Persekutuan.
Despite the gloomy weather, a crowd of more than 100 loved ones and friends joined in the ceremony here.
Daim breathed his last at 8.21am on Wednesday while receiving treatment at Assunta Hospital in Petaling Jaya. He was 86.
Daim served as Finance Minister from 1984 to 1991 and held the position again from 1999 to 2001.Daim Zainuddin was born in Alor Setar, Kedah, British Malaya (now Malaysia). He was the youngest of thirteen siblings. His father, Zainuddin Affan, was a clerk in the Kedah State Civil Service, while his mother, Hasimah Hassan, was a homemaker. He received his early education at the Seberang Perak Malay School in Alor Setar. He later attended Sultan Abdul Hamid College, an English-medium school, and completed his upper secondary education at St. Xavier’s Institution, George Town, Penang.
Daim’s mother supported his aspirations to study law, selling the family’s land to fund his education in the United Kingdom. He studied at Lincoln’s Inn, London, for eighteen months and was called to the English Bar in 1959 at age 21. He later pursued further studies in Urban Planning at the University of California, Berkeley, completing the program in 1979.
In 2019, at the age of 81, Daim obtained a Doctor of Philosophy (PhD) degree from the University of Malaya after completing a thesis on the New Economic Policy which he had worked on for 11 years.
Political career
Daim was elected as the MP for Kuala Muda in 1982 before moving on to Merbok in 1986 and serving as its MP until 2004 as a member of the United Malays National Organisation.
Daim was appointed as Finance Minister under Prime Minister Mahathir Mohamad in 1984, serving until 1991, and later returning to the role from 1999 to 2001. Known for his economic policy work, Daim played a key advisory role in guiding Malaysia’s economic recovery, with the GDP improving from a negative growth rate of 1.03% in 1985 to 9.06% in 1989.
He was expelled from the United Malays National Organisation over his support for Mahathir and the opposition Pakatan Harapan coalition in 2018. He helped campaign for the coalition in several marginal seats. Upon Pakatan Harapan’s victory, he was appointed to the newly founded Council of Eminent Persons, which served as an advisory body to the new government. This body was dissolved at the end of its 100-day mandate.
Business ventures
Daim began his career in real estate and finance in the 1970s, founding Syarikat Maluri Sdn Bhd in 1973, which played a pivotal role in developing Kuala Lumpur townships such as Taman Maluri and Taman Bukit Maluri. Over the years, he expanded his portfolio to include holdings in property development, hospitality, and materials, with companies like Ibu Kota Developments Sdn Bhd, Menara Ampang Sdn Bhd, and Avillion Bhd, which operates luxury hotels and resorts in Port Dickson, Pangkor, and Cameron Highlands.
In 1981, he expanded into banking by acquiring Indo-Suez Bank, rebranding it as the Malaysian-French Bank. His international ventures included founding the International Commercial Bank (ICB) in Switzerland in 1991, which later extended to operations in Sierra Leone and Gambia.
Daim’s business empire ultimately encompassed over 30 companies. Among his significant holdings, Avillion Bhd maintained a net book value of RM285.92 million despite financial difficulties in recent years. His son, Md Wira Dani, continues the family’s involvement in Avillion Bhd, holding a 21.82% stake through Daza Holdings Sdn Bhd and Ibu Kota Developments Sdn Bhd.
Corruption investigation
In May 2023, the Malaysian Anti-Corruption Commission (MACC) launched an investigation into a “former senior minister” over the misappropriation of RM2.3 billion relating to Renong Sdn Bhd and United Engineers Malaysia Bhd, two companies linked to the United Malays National Organisation, for which Daim served as party treasurer between 1984 and 2001. As part of a broader investigation stemming from the Pandora and Panama Papers which began in 2022, the MACC petitioned Daim to declare his and his family’s assets. His refusal led to the seizure of Ilham Tower, a 58-storey building owned by Daim’s family.
Daim and Mahathir, whose son has also been subjected to an anti-corruption probe, had accused the investigators of having political motivations in targeting government critics.
In January 2024, Daim was charged under anti-corruption laws for failing to declare 71 assets, including two investment accounts, six luxury vehicles, 24 properties and plots of land, and 38 companies. He appeared in court to plead not guilty, having been discharged from hospital before the indictment.
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