Malaysia’s anti-graft agency is looking to seize and forfeit more than 3 billion ringgit ($705 million) worth of assets that are linked to the late tycoon and former finance minister Daim Zainuddin, his family and associates.
The Malaysian Anti-Corruption Commission identified the assets in 11 countries, including the US, UK, Switzerland, Singapore and Japan, according to a statement Friday.
Daim, who twice served as finance minister in former premier Mahathir Mohamad’s governments, died in November. After Anwar Ibrahim became prime minister in 2022, the MACC started graft investigations into both Mahathir and Daim.
Daim and his wife were charged in January 2024 with not declaring their assets as part of the probe. They pleaded not guilty. Anwar is pursuing “vendettas of the past,” Daim said in a statement then. Anwar has denied this.
“MACC emphasizes that these actions are part of its core function and duty to ensure that there is no corruption, misappropriation, or abuse of power in the management of national wealth,” the agency said in Friday’s statement. It said it remains committed to conducting investigations “independently, transparently, and in accordance with the law, without political interference or external influence.”
The anti-graft agency already obtained a restraining order from the Kuala Lumpur High Court on assets located in the UK, estimated to be worth 758 million ringgit, on June 3. A request for mutual legal assistance with UK authorities is being processed through the Attorney General’s Chambers, it said.
{{/usCountry}}The anti-graft agency already obtained a restraining order from the Kuala Lumpur High Court on assets located in the UK, estimated to be worth 758 million ringgit, on June 3. A request for mutual legal assistance with UK authorities is being processed through the Attorney General’s Chambers, it said.
{{/usCountry}}Applications for restraining orders against assets in Singapore and Jersey were filed in the Kuala Lumpur High Court on June 19. They include four bank and investment accounts valued at 1.15 billion ringgit in Jersey and 12 bank and investment accounts in Singapore worth 540 million ringgit.
Requests for more information on assets in various countries are underway, it added. The MACC also issued notices of asset declaration to 22 individuals identified as close relatives and associates of Daim and his wife, Na’imah Khalid. The agency is seeking to trace and verify the ownership of assets, it said. In June, the agency had filed a forfeiture application for the 60-story Ilham Tower skyscraper in Kuala Lumpur owned by Daim’s family.