The Malaysian Anti-Corruption Commission (MACC) is currently engaged in an investigation into the activities of former finance minister Tun Daim Zainuddin, prompted by revelations contained within the Pandora Papers. Chief Tan Sri Azam Baki has revealed that due to the complexity of the case, no specific timeline has been set for the conclusion of the investigation.
Azam emphasized the challenges faced by the commission in gathering evidence, particularly as the alleged offenses are believed to have occurred across multiple countries and over an extended period. He highlighted the importance of obtaining cooperation from international agencies, such as those in the Cayman Islands, to secure crucial evidence.
In addition to pursuing leads from the Pandora Papers, the MACC is collaborating with other Malaysian institutions, including Bank Negara, in its investigation. Azam noted that the process involves gathering documentation and statements from witnesses, although the passage of time may have led to the loss of some potential evidence due to the demise of witnesses.
The investigation took a significant turn on January 29 when Daim was formally charged in the Sessions Court for failure to declare his assets to the MACC. Daim has entered a plea of not guilty in response to the charges.
The roots of the investigation lie in the Pandora Papers, which surfaced in 2021 through the efforts of the International Consortium of Investigative Journalists. Daim was among the high-profile individuals identified in the papers with alleged connections to offshore tax havens commonly used by the wealthy and influential.
Subsequent leaks have further implicated Daim and his family in offshore business dealings, with reported holdings totaling at least £25 million. Shockingly, records indicate that Daim's sons were listed as owners of a British Virgin Islands firm, Newton Invest & Finance Limited, as early as 2007, when they were just nine and twelve years old, respectively.
Over the years, the family's offshore portfolio expanded to include multiple firms registered in tax havens, such as Splendid International Ltd (BVI), which possessed London properties valued at £12 million by 2017. The breadth of their offshore holdings extends beyond property, with investments in various other companies and assets situated abroad.
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