[UPDATED] MACC’s investigation in Daim will look into domestic, overseas assets and businesses

KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) probe into tycoon and former finance minister Tun Daim Zainuddin will include looking into his domestic and international assets and businesses, following the seizure of his Ilham Tower.

MACC chief commissioner Tan Sri Azam Baki told Scoop today that the investigation is focused on the acquisitions of his assets and businesses, such as property, hotels and financial institutions overseas.

“So far, a number of properties, banks or businesses have been identified by MACC and some are being confirmed, especially those abroad.

“Daim will be called in to give his statement at an appropriate time.”

Daim is being investigated for corruption and money laundering, Azam said yesterday.

He also said that the seizure of Ilham Tower, which was issued on Monday, would not affect its operations.

“We used the power given to the deputy public prosecutor to order the land office to issue a caveat on the land,” he said, adding that the same process had been used by the MACC for such investigations. 

This was to block any act of selling, transferring ownership, or disposing of the building as a whole, or any part of it.

On December 18, the MACC seized Ilham Tower, in connection with Daim’s involvement in an alleged embezzlement case involving RM2.3 billion in public funds in the 1990s.

The seizure came after the MACC initiated an investigation into Daim’s financial holdings in May. 

During the 1990s, Daim was finance minister, and the government led by former prime minister Tun Dr Mahathir Mohamad oversaw the “forced” takeover of shares of the public-listed company Renong Bhd.

In November 1997, UEM, Malaysia’s largest infrastructure firm, purchased a 33% stake in Renong for RM2.3 billion, leading to the latter’s value plummeting as investors dumped shares in both firms.

This happened during the Asian financial crisis of 1997, and was dubbed a bailout of certain business figures closely linked to the government at that time.

Daim has acknowledged the various reports on alleged corruption lodged against him since leaving public office. He asserted that he had never been charged. – December 24, 2023