Ex-finance minister Tun Daim Zainuddin has always been a mystery package. From the time he was unveiled as the country’s finance minister back in 1984, by the then prime minister Dr Mahathir, he has always been known as a taciturn and yet a remarkably successful and powerful business figure - with some even referring to him as Untouchable and Godfather!
But the fact is, not many people know that the quiet, unassuming man who always had a burning desire to be a millionaire, was actually a long time friend of Dr Mahathir, both hailing from Alor Setar. So much so that even a biography was written about him aptly titled “Daim Yang Diam”.
But all that was in the past - now it looks like he can't afford to be quiet anymore after finding himself in the eye of a raging maelstrom which seems to have grabbed the attention of the whole nation.
In fact, when news broke out earlier this year that an ex-senior minister and two other prominent figures may be on the “wanted list” of the Malaysian Anti-Corruption Agency (MACC) it seemed that the writing was already on the wall that he will soon find himself in choppy waters - especially with PM Anwar vowing to go after the “big fish”.
So last week when MACC announced that they were “seizing” his flagship skyscraper building Ilham Tower - in Kuala Lumpur city center - and revealed that they were investigating him for alleged corruption and money laundering, all hell seemed to break loose, resulting in him hitting out at Anwar and the MACC over what he called a ‘political witch-hunt’. (Read here)
Coming out with guns blazing, he has since denied any corrupt act or wrongdoing by himself or his family; furthermore he has claimed that he was not informed as to what offence he had allegedly committed despite his repeated written queries to MACC.
Meanwhile, according to CNA, the audacious move by the government agency to seize the prime property owned by the former finance minister, has triggered both shock and panic among the political and business elite in the country, stoking fears among them that PM Anwar's crackdown on corruption is set to intensify in the months to come.
Apparently, contrary to what Daim had contended, the seizure of Ilham Tower - built at the cost of US$580 million and located in the vicinity of the iconic Petronas Twin Towers - came after he had snubbed repeated petitions from the MACC to officially declare his assets in an investigation that began last May.
Furthermore, according to the same report, apart from Daim, business icon Halim Saad, a one-time business nominee of UMNO and Mirzan Mahathir, the eldest son of former premier Dr Mahathir were also being investigated; this apparently had fueled speculation that other personalities, who have built their corporate empires on the back of political ties will soon come under scrutiny.
In response to the pushback from Daim, PM Anwar - whose relations with both the former finance minister and Dr Mahathir have long been strained - dismissed suggestions that his administration had initiated a “witch-hunt” against his political and business foes; he went on to assure that there was no conspiracy and insinuated that the anti-graft agency was actually checking on those who had amassed “extraordinary” wealth (or in Daim's case, perhaps, billions).
For context, during the first two decades of the Mahathir era that began in 1981, Daim played the role of finance minister, informal advisor and purse-keeper of UMNO; he was also said to be the architect of the Malaysian economic model (or what some critics call crony capitalism) where the government awarded “economic opportunities” in the form of infrastructure contracts, licences and lucrative concessions to operate toll networks and power-generation projects to “politically well-connected” businessmen who until today still control large sectors of the country's economy.
Indeed, it is no secret that among the biggest beneficiaries of the economic privileges were those closely associated with Dr Mahathir such as Syed Mokhtar Al-Bukhary of the DRB-Hicom Group, Vincent Tan of the Berjaya conglomerate and Ananda Krishna, who has significant presence in the country's multi-media and telecommunications industry.
Meanwhile, Daim, who also served as UMNO treasurer between 1984 and 2001, wielded his role as finance minister while overseeing the expansion of UMNO’s business interests - allegedly through the Mahathir government’s “privatisation” of state enterprises and major infrastructure projects.
But coming back to the current crisis, what exactly is it that has finally forced Daim to be on the defensive?
Well actually, going back to 1997, during the Asian financial crisis, there was an alleged embezzlement of state funds involving a RM2.3-billion-ringgit transaction involving Renong and United Engineers Malaysia Bhd (UEM); it is believed that the transaction was a result of a desperate scramble by the business nominees of UMNO to protect the political party’s financial interests by using the cash-rich UEM as a bailout vehicle for the former; failing which apparently there would have been a major political crisis in Umno (and the country)!
Interestingly, it was said that back then, Anwar as the finance minister was highly critical of the UEM-Renong “bailout” deal, which in turn strained his relations with both Daim and Dr Mahathir; and with the ensuing disagreements over the stewardship of the Malaysian economy, he was subsequently sacked and jailed in September 1998.
Oddly, it would appear that things have come a full circle now after almost 26 years; and apparently, there is more to the intrigue, with a report in Malaysian Gazette alleging that the reason why the government was going after Daim and his prized asset, the Ilham Tower, was actually to neutralise another potential coup a’la the Sheraton Move apparently (bankrolled) with the involvement of Dr Mahathir - and Daim!
So, was Anwar smartly biding his time while waiting for the opportune time to ‘nail’ Daim, knowing very well that it would cause him and his close associate Dr Mahathir "sleepless nights” - which might just be enough to derail the two wily foxes' “planned” change of government? A case of downing two "invincible” birds with one stone? The next few months may be crucial to all the parties involved.
Primary Source: CNA
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