Tun Daim Zainuddin, a powerful and notable figure in Malaysian politics, recently grabbed headlines after he was charged at the Sessions Court for failing to declare his assets.
This has since reignited public interest into the enigmatic figure, who emerged from the shadows of political retirement back in 2018.
In this article, we will delve into Tun Daim’s early beginnings, political exploits, business ventures, and notable contributions to the Malaysian landscape.
Early life and education
Born on April 29, 1938, in Derga, Alor Setar, Kedah, Daim was the youngest of 13 siblings. His early education began at Sekolah Melayu Seberang Perak, followed by Kolej Sultan Abdul Hamid (KSAH) in Alor Setar and St Xavier’s Institution in Penang.
Educational achievements
In 1959, Tun Daim achieved academic milestones by obtaining a law degree from Lincoln’s Inn and earning a Master’s in City Planning from the University of California, Berkeley.
Entry into politics in 1980
Daim’s foray into politics commenced in 1980 when he was appointed as Senator. Over the years, he swiftly rose through the ranks and was given the role of treasurer in UMNO.
His political career saw another highlight in the form of him being elected as a Member of Parliament (MP) for Kuala Muda in 1982. Three years later, Daim was appointed as Finance Minister while retaining his position as UMNO’s treasurer.
Acted as an advisor to Dr Mahathir
Beyond politics, Daim made significant contributions to the business sector. His initial attempts in the salt and plastic production industries was met with challenges, but in 1973, he ventured into real estate development, where he established Syarikat Maluri Sdn Bhd.
His connections with then Selangor Menteri Besar, Datuk Harun Idris, also greatly helped him in building his public standing. Later, Daim diversified his holdings by entering the stock market and became a trusted business advisor to Dr Mahathir during the latter’s tenure as Deputy Prime Minister.
Acquisition of Malaysia-France Bank
Daim’s prowess in the banking sector was evident when he chaired Bank Rakyat and successfully acquired the Malaysia-France Bank in 1980.
In 1984, he gained control of the United Malayan Banking Corporation (RHB Bank). Despite enjoying great success in the banking industry, he had to relinquish control of both banks upon assuming the role of Finance Minister.
Made a return to politics during the Asian Financial Crisis
Daim’s political journey saw a hiatus in 1991 when he chose to leave the Jemaah Menteri. However, he made his return in 1999 at the request of then Prime Minister Dr Mahathir during the Asian Financial Crisis which threatened to destroy Malaysia’s economy.
After spending a year at the role, he resigned and completely exited the political scene to focus on his business ventures.
Mysterious aura & speculation
Throughout his career, Tun Daim carried a ‘tokoh penuh misteri’ (figure full of mystery) persona. Speculations and rumours surrounding his personality added layers to the enigma that surrounded him.
Business impact & diversification
Tun Daim’s impact extended beyond politics, with successful ventures like Syarikat Maluri Sdn Bhd and ICB Global Management.
His contributions to Perbadanan Pembangunan Bandar (UDA) and UMNO’s investment company, Fleet Holdings Sdn Bhd, showcased his influential role in shaping Malaysia’s business landscape.
Founding ICB in Switzerland
In a strategic pivot after his ministerial roles, Tun Daim Zainuddin founded the International Commercial Bank (ICB) in Switzerland in 1991, signaling his intent to play a significant role in the global financial arena.
The move showcased Tun Daim’s foresight in establishing a financial institution in Switzerland, a recognised hub for international banking.
Over the next decade, ICB, under Tun Daim’s guidance, expanded its operations globally, venturing into Sierra Leone and Gambia.
Charged in court for failing to declare assets
Despite being largely seen as an “untouchable” figure, Daim found himself being brought to court and was slapped with charges of intentionally failing to declare 71 asset properties, including an Amanah Saham Nasional Berhad (ASB) account, seven luxury vehicles, 38 companies, and 25 real estate properties.
He has since denied the charges against him and bitterly criticised Prime Minister Anwar Ibrahim for being a “wolf in sheep’s clothing”.
If convicted, Daim faces a maximum penalty of five years in prison and a fine of up to RM100,000.
