KUALA LUMPUR – Will former finance minister Tun Daim Zainuddin be remembered as a dynamic Malay businessman who paved the way for younger entrepreneurs, or will his controversies and legal challenges cloud his legacy?
Daim’s death earlier this morning at the age of 86 has drawn various reactions from netizens and public figures. While many mourned his loss and thanked his contributions to the nation, some also expressed their reservations over policies he had pioneered during his time in office.
In particular, Parti Sosialis Malaysia central committee member Arveent Srirangan Kathirtchelvan said in an X post that while Daim’s passing marks the death of a “key architect in Malaysian neoliberalism”, his ideas “unfortunately” live on.
Daim, who played a key role in steering the nation through global economic crises during his tenure as finance minister from 1984 to 1991 and again from 1999 to 2001, was instrumental in the country’s shift towards privatisation and rehabilitating public enterprises.
His return to office in 1999 after resigning eight years prior saw him implementing various economic strategies, such as pegging the ringgit to the US dollar, which courted controversy at the time.
However, Daim, who served both ministerial terms under close ally and former prime minister Tun Dr Mahathir Mohamad’s administration, has since been credited for his moves to stabilise the nation’s economy, especially at a time when Malaysia was reeling from the impacts of the 1997 Asian Financial Crisis.
Renong-UEM saga, Pandora Papers expose: a stain on Daim’s reputation?
Under Daim’s watch as finance minister, Dr Mahathir’s government had in November 1997 overseen the allegedly forced takeover of shares in public-listed company Renong Bhd, which certain business figures closely linked to the government at that time had dubbed a bailout.
The nation’s biggest infrastructure firm, UEM, had purchased a 33% stake in its heavily-in-debt parent, Renong, for RM2.3 billion, leading to Renong’s value plummeting as investors dumped shares in both firms.
While the deal was said to be in opposition to stock exchange reporting rules, the government had in July 2001 determined that Khazanah Nasional would take over the entire Renong group – including a RM12 billion debt – for RM4 billion.
It was previously reported that the Malaysian Anti-Corruption Commission (MACC) was attempting to establish the ties of Umno and Daim, who served as party treasurer between 1984 to 2001, to the controversial deal.
While Dr Mahathir had allegedly used Renong to pad up Umno’s political war chest, Prime Minister Datuk Seri Anwar Ibrahim, who was deputy prime minister at the time, was said to be adamant at utilising it to stabilise the nation in the wake of the Asian financial crisis.
The anti-graft agency’s investigations had led to the seizure of Daim’s landmark building, Ilham Tower, in December last year, following which Daim had maintained his innocence and denied involvement in the controversial deal.
Where will your money go now?: netizens, public figures battle in defending Daim’s dignity over court charges
Meanwhile, other social media users were also quick to request authorities to “monitor” Daim’s wealth, which was amassed through his ventures in the real estate sector and other businesses in his early days, earning him the reputation of a well-known and respected businessman.
In January this year, Daim said his assets and properties had been acquired through legitimate business activities before he became involved in politics.
Daim clarified that joining the government caused significant financial losses for him and his family, adding that if he had stayed in business, his liquid assets would now be worth over RM50 billion.
A lawyer by profession, Daim had in 1969 founded Syarikat Maluri Sdn Bhd, a property development company responsible for projects like Taman Maluri and Taman Bukit Maluri in Kuala Lumpur, with the land alone now valued at over RM26 billion.
His business ventures expanded to include ownership of the Malaysian French Bank (now RHB) and controlling interests in prominent public companies such as Sime Darby, Guthrie, TV3, Maybank, Consplant, Cold Storage and Nestle Malaysia.
In 2021, the International Consortium of Investigative Journalists (ICIJ) released the Pandora Papers, linking Daim to five companies tied to Asiaciti Trust, an international company with an address in Singapore.
Daim, who was listed as a settlor in two offshore entities known as DZ Financial Trust and ICB Financial Group, is also named as director for ICB Trustees Limited (Cook Islands), DZ Limited (Cook Islands), and ICB Shares Limited (Samoa).
Following the ICIJ leaks, Daim told the media that he had paid taxes in all jurisdictions where he does business, adding that not all companies linked to him are under his control.
On a separate matter, former MACC chief commissioner Latheefa Koya took to X to express her apparent disgust over current government figures “hypocritically” sharing their condolences over Daim’s passing, saying that such “dishonesty makes one sick to the stomach”.
“When someone is alive, they hound him and throw mud at him. When he dies, those who are from the same bloc that hounded him suddenly say nice things and express regrets (on social media),” she said.
While Latheefa did not specify to who she was directing her remarks, Home Minister Datuk Seri Saifuddin Nasution Ismail had earlier in social media posts expressed his condolences to Daim’s family while acknowledging the figure’s contributions to the nation.
Sharing similar sentiments as Latheefa, X user @Monarkis2 responded to Saifuddin’s post on the matter by calling the government hypocritical and slamming the court charges levelled against Daim.
Latheefa’s successor Tan Sri Azam Baki has since said that the deputy public prosecutor will decide on the next course of action regarding Daim’s case following his death.
Earlier this year, he and his wife Toh Puan Na’imah Abdul Khalid pled not guilty in court on charges of failing to comply with a notice from MACC on asset declaration.
Daim was accused of failing to declare 38 companies, 19 plots of land, six properties and seven luxury vehicles.
No charges for actual corruption have been brought against Daim or Na’imah to date. – November 13, 2024
