In this Malay name, there is no surname or family name. The name bin Zainuddin is a patronymic, and the person should be referred to by their given name, Daim. The word "bin"/"ibn" or "binti"/"binte" means 'son of' or 'daughter of', respectively.
Daim is credited with steering Malaysia through the 1997 Asian financial crisis and was a major architect of Malaysia’s economic strategy and development.[4][5]
Though not listed in any indexes, Daim was known as one of Malaysia's wealthiest individuals. Daim and his wife were charged in January 2024 with failing to declare 71 assets as part of an anti-corruption probe that he described as politically motivated. Daim was acquitted of graft after prosecutors applied to withdraw all charges following his death.[6] However, posthumous investigations into his assets as well as his family has continued.[7]
Early life and education
Daim Zainuddin was born in Alor Setar, Kedah, British Malaya (now Malaysia). He was the youngest of thirteen siblings. His father, Mohd Zainuddin Hj Senawi, was a clerk in the Kedah State Civil Service, while his mother, Pok Rafeah Binti Ishak, 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.[3]
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.[3]
He was expelled from UMNO over his support for Mahathir and the opposition Pakatan Harapan coalition in 2018. He helped campaign for the coalition in several marginal seats.[12] 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.[13]
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.[14]
In 1981, he expanded into banking by acquiring Banque Indosuez's local branches, rebranding it as the Malaysian-French Bank,[3] which later became Alliance 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.[3]
Daim's business empire ultimately encompassed over 30 companies at the time of his death. 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.[14]
Corruption investigation
In May 2023, the Malaysian Anti-Corruption Commission (MACC) initiated an investigation into a 'former senior minister' over the alleged misappropriation of RM2.3 billion. The inquiry focused on two companies, Renong Sdn Bhd and United Engineers Malaysia Berhad, both linked to UMNO. Daim was the party's treasurer from 1984 to 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.[15]
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.[16]
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.[17] He appeared in court to plead not guilty, having been discharged from hospital before the indictment.[18]
In November 2024, the prosecution dropped all charges against Daim and he was given a posthumous acquittal by the Sessions Court.[19][20]
Investigations into Daim have continued past his death, with assets previously belonging to him, his family, as well as his proxies being seized by the MACC.[21][22]
↑Haji Zainuddin, Che Abdul Daim (2019). The Creation and Implementation of the New Economic Policy: Success and Failure, 1970 – 2008 (PhD thesis). University of Malaya (Malaysia). ProQuest 30597148.
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