While there will always be questions about how he accumulated his wealth, according to Yusuf Hashim, an 80 year-old Malaysian, who walked away from corporate certainty and chose early retirement at 53, an age when most people settle into comfort and predictability, and began travelling — not as a tourist, but as a seeker — collecting stories in the form of breathtaking photographs, in an interview that he did with a podcaster, he shared that for his good friend, which he did not name, who retired at 85 and sadly passed at 86, he wasn’t able to fully enjoy his time despite having all the money in the world.
To quip from the interview, he said his good friend is a banker, at 85 he was living mostly in a hospital, passed away at 86 and left RM42 billion and according to him hasn’t able to fully enjoy his time despite having all the money in the world.
Now, who fits that description to a T?
Daim was admitted to Assunta Hospital in Petaling Jaya, Selangor, after suffering a stroke in October 2024.
He spent his final weeks receiving intensive care there before passing.
He passed away at the age of 86 on November 13, 2024 at Assunta Hospital in Petaling Jaya, Selangor.
His journey in banks happened in the following way:
- Malaysia-French Bank: In 1981, Daim bought the local branches of the French-owned Banque Indosuez and renamed it the Malaysia-French Bank.
- The RHB Connection: Later, Daim traded his large ownership in the Malaysia-French Bank for a smaller share in United Malayan Banking Corporation (UMBC). UMBC was later taken over by Sime Darby and eventually became part of RHB Bank.
- Alliance Bank: Through an investment vehicle called Langkah Bahagia Sdn Bhd, Daim became a major shareholder in Alliance Bank (formerly the Alliance Financial Group). He partnered with Temasek Holdings, the investment arm of Singapore, to hold a controlling stake in the bank
Daim reportedly had said that his joining the government to serve the country resulted in “a great financial loss” because a year after he joined the cabinet in 1984, he was directed to liquidate his investments in public-listed companies.
Daim was also reported to have said, “At that point, my liquid assets stood at over RM750 million. If I had put that amount into an S&P 500 index fund in 1984, the value today would be over RM42 billion … If I had stayed in business and done nothing to actively grow these assets, the value of my liquid stock holdings alone would be worth over RM50 billion today. That is my personal cost today in my decision to join the government.”
Probably Yusuf Hashim was referring to this statement that Daim reportedly said i.e he would have worth RM42 billion if he had stayed in business in 1984 and not joined the government and invested his liquid assets worth over RM750 million in 1984 into an S & P 500 Index fund.
Or Yusuf Hashim has knowledge of the extent and depth of Daim's wealth?
Despite his immense wealth, Daim has never made it to Forbes list of richest Malaysian that was first introduced its dedicated list of Malaysia's richest individuals in 2006.
Daim claimed his liquid assets stood at over RM750 million in 1984.
Obviously, he was a successful businessman to be able to accumulate liquid assets of RM750 as at 1984.
Liquid assets include cash, money market instruments, short-term bonds, marketable securities, and other investments that can be exchanged for cash relatively quickly and without losing much value.
What about his illiquid assets?
Possibly could be another RM750 million.
Many successful businessmen generally keep 15 to 20% of their total assets in liquid assets.
If Daim have RM750 million in liquid assets, probably there could a lot of other millionaires within the same category.
What happened to them?
Or all of them preferred the same anonymity and low profile as Daim in demeanour and outfits too?
Upon his appointment as the Attorney General in Nov 2024, the new AG reportedly told a business weekly the prosecution was waiting for the death certificate and he would review the ongoing prosecution of Daim.
A week after that, it was reported that the prosecution withdrew the asset declaration charges against Daim and granted him a posthumous discharge and acquittal.
No matter what, the public will continue to speculate what lies within Daim’s treasure chest.
His enigma probably contributes a large part to the continued curiosity by the public.
Probably this question will continue to doge his next generation for years to come.
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