KUALA LUMPUR, MALAYSIA: A Malaysian court has acquitted former finance minister Daim Zainuddin of charges related to failing to declare his assets, just a week after his death.
The acquittal was made by Sessions Court judge Azura Alwi on 20 November, following a statement by the prosecution that it did not wish to pursue the case.
“The court extends its condolences to the family of the deceased. May his soul be placed within the righteous,” Judge Azura was quoted as saying by The Star.
Daim, 86, died on 13 November 2024, after being hospitalised for a stroke in October at Assunta Hospital in Petaling Jaya.
However, his legal team had expressed a wish for the case to continue, as per his final wishes.
Daim’s lawyer, Gurdial Singh Nijar, confirmed on 20 November that the former minister had hoped for the case to proceed, as he had sought to clear his name.
“My instructions are that the trial, despite his death, ought to proceed,” Gurdial told The Edge Malaysia.
“His wish [was that] he needed to clear his name [of] what he perceived as [a] baseless charge brought for reasons for which he himself can’t explain,” he said.
Daim’s family, too, had pushed for the case to continue.
His widow, Na’imah Abdul Khalid, 66, called for the case to proceed, stating on 19 November, “Daim looked forward to his day in court and had no doubt that he would be finally acquitted.”
Twice-appointed finance minister and architect of Malaysia’s economic reforms
Daim held the position of finance minister twice—first from 1984 to 1991, and again from 1998 to 2001—becoming a key figure in Malaysia’s economic policies.
His leadership saw him implement critical reforms and economic strategies, particularly during the 1998 Asian financial crisis, a period in which Malaysia faced significant economic challenges.
His policies helped to stabilise the economy, with strategic reforms that bolstered Malaysia’s financial standing domestically and abroad.
In 1959, Daim qualified as a lawyer after studying at Lincoln’s Inn in London. His legal career included work in Kota Bahru, Kelantan, and positions as a magistrate in Johor and deputy public prosecutor in Perak.
He eventually transitioned to business, initially facing setbacks in the salt and plastics industries. However, his fortunes changed in 1973 when he moved into property development, acquiring valuable land in Maluri, Kuala Lumpur, and establishing Maluri Sdn Bhd, a firm where he held a 60% stake.
Over time, he expanded into the stock market and served as a business advisor to then-Prime Minister Dr Mahathir Mohamad.
In 2018, Daim returned to the public spotlight when Mahathir appointed him as chairman of the Council of Eminent Persons (CEP) following the Pakatan Harapan coalition’s victory.
The CEP was tasked with advising the government on economic policies, although it was dissolved in March 2020 after Pakatan Harapan lost power in the Sheraton Move.
Daim Zainuddin faces allegations in Pandora Papers scandal
Earlier this year, on 29 January 2024, Daim faced legal issues when he was charged at the Sessions Court with failing to declare assets under the Malaysian Anti-Corruption Commission (MACC) Act 2009.
According to the charge sheet, Daim had allegedly failed to provide a complete and truthful declaration of assets, omitting details related to a bank account, seven luxury cars, 38 companies, and 25 properties across Kuala Lumpur, Negri Sembilan, Pahang, and Perak.
The allegations against Daim first surfaced in 2021 when Malaysiakini, a Malaysian online media outlet and a partner of the International Consortium of Investigative Journalists (ICIJ), exposed purported offshore assets linked to the former finance minister in the 2021 Pandora Papers investigation.
The Pandora Papers, a global collaboration led by the ICIJ, drew on 11.9 million confidential records leaked from 14 offshore financial service providers.
The cross-border investigation exposed how more than 300 politicians, business people and criminals worldwide used shell companies and trusts in some tax havens to hide their wealth or evade taxes.
Revelations from the Pandora Papers implicated Daim and members of his inner circle in offshore entities amounting to at least US$31 million.
