Recap: Pandora Papers’ exposé on Daim, sons’ links to British companies
Former finance minister makes headlines as reports on MACC probe surface
(The Vibes) – Reports have recently surfaced stating that the Malaysian Anti-Corruption Commission (MACC) has begun investigations against a former minister.
Various portals, citing sources, pointed out that the person in question happens to be an 84-year-old former finance minister who served under Tun Dr Mahathir Mohamad’s prime ministership, leading many to speculate that the individual concerned is none other than Tun Daim Zainuddin.
Coincidentally, in 2021, Daim courted controversy when his name appeared in the Pandora Papers leak – an exposé by the International Consortium of Investigative Journalists (ICIJ) of key individuals and their links to offshore entities in various jurisdictions.
Daim had responded to the revelations, telling Malaysiakini that he has paid taxes in all jurisdictions where he conducts business. He also said that not all firms he has links to are owned by him, explaining that they are partially controlled by his kin.
This is what The Vibes has found out so far from ICIJ’s offshore database as well as British company searches and land registries.
The Pandora Papers link Daim to five offshore entities.
According to the ICIJ’s offshore leaks database, Daim’s name appears five times in relation to companies located in a few nations.
All five companies have links to Asiaciti Trust, an international financial company with an office in Singapore.
The Pandora Papers as well as the Paradise Papers, which was another offshore data leak by ICIJ, revealed that Asiaciti Trust helped various notable figures set up offshore companies, including individuals linked to Russian leader Vladimir Putin.
Circling back to Daim, the former finance minister is listed as a settlor in two offshore entities – DZ Financial Trust and ICB Financial Group.
Additionally, Daim is listed as a director for ICB Trustees Limited (Cook Islands), DZ Limited (Cook Islands), and ICB Shares Limited (Samoa).
So far, ICIJ has listed the status of all entities except DZ Financial Trust as “closed”.
Also, while ICIJ has yet to release further details on these offshore entities, it should be noted that Daim previously has been linked to the Swiss financial institution ICB Banking Group.
