Latest news with #DaimZainuddin
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
We're not out to punish the dead, Anwar says on action to recover funds
Prime Minister Anwar Ibrahim hit out at the opposition which he said had defended those who amassed 'billions of ringgit' without a clear source of income. (Bernama pic) PETALING JAYA : Prime Minister Anwar Ibrahim today defended the action taken against prominent figures, including those who have died, saying the government's priority is to recover misappropriated funds. He said there were some, including in the opposition, who had issues with acting against those who had accumulated wealth through dubious means if these suspects were either old or dead. 'We are not out to punish the dead. We just want to recover the funds that have been embezzled,' he said at the finance ministry's monthly assembly in Putrajaya. He also hit out at the opposition which he said had defended those who amassed 'billions of ringgit' without a clear source of income. 'Yet when he dies, he leaves behind RM2 billion. This is unacceptable,' he added. Anwar did not identify anyone in particular but is believed to be alluding to the Malaysian Anti-Corruption Commission's (MACC) probe into the family of the late Daim Zainuddin, a former finance minister. MACC chief Azam Baki previously said the commission was considering seizing over RM2 billion in undeclared assets linked to Daim, his family, and proxies. In January last year, Daim claimed trial to failing to comply with the terms of an asset declaration notice issued by MACC. He was accused of failing to disclose his ownership of 38 companies, 19 land plots in five states, six properties, two unit trust accounts, and seven luxury cars. MACC said he had asked for five deadline extensions but still failed to comply. The prosecution withdrew the charges against him following his death on Nov 13 last year, and the court granted an order discharging and acquitting him.
New Straits Times
6 days ago
- Business
- New Straits Times
Ilham Tower challenges MACC's second seizure over alleged irregularities
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) failed to comply with proper procedure in its bid to seize Ilham Tower for the second time, the High Court heard. Ilham Tower Sdn Bhd, the owner of the building, claimed the second seizure notice issued by the anti-graft body failed to adhere to procedures under Section 51(1A) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Section 51(1A) of the AMLATFPUAA 2001 requires law enforcement agencies to issue a written notice to the person who owns or possesses any property seized under the Act, informing them of the seizure. The company claimed the MACC also failed to post the notice in a public place as required by law, choosing instead to issue a press statement on the seizure. The company said this in its supporting affidavit to seek leave (permission) to initiate a judicial review to challenge the seizure. "The fourth respondent (MACC) also said that with the seizure of Ilham Tower, all transactions or transfers of ownership involving the building are now prohibited. "This statement is clearly erroneous, as no formal notice was served on the applicant. "The issuance of the second seizure notice is an abuse of process and power. It overlaps the earlier seizure and appears to be an attempt to unlawfully circumvent the 18-month time limit for the first seizure, which expired on June 17. "Although the first seizure notice was issued on Dec 18, 2023, no prosecution or charge has been brought against the late Tun Daim Zainuddin to indicate that the premises are linked to any offence under the MACC Act. "Since the first seizure notice, no evidence has been presented linking the applicant or Daim to any specific offence under the MACC Act 2009, AMLA 2001, or any other law related to money laundering or corruption," the affidavit said. Ilham Tower further argued that the second seizure violates Article 13 of the Federal Constitution, as it deprives the applicant of the right to use and enjoy the property. The company said the seizure has caused a significant loss in rental income, reputational harm as a property owner, and depreciation in the property's value. It added that the prolonged and arbitrary denial of ownership rights – without any charge or prosecution – was not only grossly unfair but also risked rendering the judicial review application futile. Ilham Tower filed the ex-parte application through its legal firm, Messrs Raj & Sach, on June 23. One of the company's directors is the late Daim's wife, Toh Puan Na'imah Abdul Khalid. In its application, Ilham Tower named the MACC, its Chief Commissioner Tan Sri Azam Baki, senior officer Mohd Razi Rahhim @ Rahim, MACC deputy public prosecutor Ahmad Akram Gharib, the public prosecutor, Prime Minister Datuk Seri Anwar Ibrahim, and the government as respondents. The company is seeking a declaration that the order or seizure notice issued by Ahmad Akram is null and void. The company is also applying for a certiorari order to quash the seizure notice and all related decisions or actions. Additionally, it seeks a mandamus order compelling the second respondent – or any officer, employee, agent, or authorised individual under the second respondent – to cancel the seizure notice. Ilham Tower is also requesting a court order to suspend the seizure notice and all related actions or decisions until its judicial review application is heard and decided by the High Court. The company is also seeking damages and costs.
Bloomberg
14-07-2025
- Business
- Bloomberg
Why Does Malaysia Want to Seize $700 Million From a Dead Tycoon?
It's been eight months since Daim Zainuddin, the business tycoon credited with helping to pull Malaysia out of the Asian Financial Crisis, died and was buried in Kuala Lumpur. But the Malaysian government is still pressing ahead with its investigation into the late businessman over accusations that he hid parts of his vast fortune — charges he denied.
The Star
12-07-2025
- Business
- The Star
MACC pursues foreign assets linked to Daim
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) is seeking to seize and forfeit overseas assets worth RM3bil belonging to the late Tun Daim Zainuddin and his family. The MACC said its Special Operations Division had uncovered offshore assets allegedly linked to the former finance minister, his wife Toh Puan Na'imah Khalid, their family members, and close associates. These high-value assets are located in the United Kingdom, the United States, Switzerland, Singapore, the British Virgin Islands, the Cayman Islands, Jersey, Italy, Japan, Indonesia, and several countries in Africa. The findings stem from the MACC's investigation in collaboration with the United Kingdom's National Crime Agency and the International Anti-Corruption Coordination Centre (IACCC). On June 3, the MACC obtained a restraining order from the Kuala Lumpur High Court under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for seven assets in the United Kingdom worth RM758mil. It said a Mutual Legal Assistance (MLA) application is being processed with UK authorities via the Attorney General's Chambers (AGC). Further discussions are also ongoing with the IACCC to ensure effective and proper enforcement action. Applications for restraining orders have also been filed against assets in Singapore and Jersey. The hearings for these applications, covering four bank accounts and investments worth RM1.15bil in Jersey, and 12 bank accounts and investments worth RM540mil in Singapore, were held at the Kuala Lumpur High Court on June 23 and 25. 'In addition, requests for further information regarding assets in the United States, Switzerland, the British Virgin Islands, the Cayman Islands, Italy, and Japan are being made through cooperation with Bank Negara, the IACCC, and MLA applications via the AGC. This is to facilitate legal and comprehensive action for asset seizure and forfeiture,' the commission said yesterday. Domestically, the MACC seized Ilham Tower on June 5 and filed a forfeiture application at the Kuala Lumpur High Court on June 25 for the property located at Jalan Binjai, Kuala Lumpur. The MACC also recorded statements from Na'imah and her son, Muhammed Amir Zainuddin Daim, on June 14 in relation to undeclared extraordinary assets. A statement from the couple's second son, Muhammed Amin Zainuddin Daim, currently in the United Kingdom, was also taken. All three are main shareholders of Ilham Baru Sdn Bhd, which is the majority shareholder of Ilham Tower Sdn Bhd and the beneficial owner of Ilham Tower. 'In line with Section 36(1) of the MACC Act 2009, Asset Declaration Notices were served on July 10 to 22 individuals identified as relatives and close associates of the late Tun Daim and Na'imah. This is for the purpose of identifying and confirming ownership of the assets,' the MACC said. It emphasised that the action taken is part of its duty to ensure there is no element of corruption, embezzlement, or abuse of power in the management of the nation's wealth. 'The MACC remains committed to conducting its investigation independently, transparently, and in accordance with the law, without interference or political influence,' it added.
Free Malaysia Today
11-07-2025
- Business
- Free Malaysia Today
Aug 12 ruling on Naimah's constitutional reference appeal
Naimah Khalid is charged with failing to declare her ownership of companies, several plots of land, and two vehicles. (Bernama pic) KUALA LUMPUR : The High Court has set Aug 12 to deliver its decision on Naimah Khalid's appeal against a lower court's refusal to refer constitutional questions concerning the validity of her asset declaration charge to the Federal Court. Justice K Muniandy set the date after hearing submissions from deputy public prosecutor Law Chin How and Naimah's lawyer, Gurdial Singh Nijar. Naimah, the widow of the late Daim Zainuddin, claimed trial in the sessions court last year to a charge of failing to comply with the terms of an asset declaration notice issued by the Malaysian Anti-Corruption Commission (MACC). She was charged under Section 36(2) of the MACC Act 2009 with failing to declare her ownership of companies, several plots of land here and in Penang, and two vehicles. In her reference application, she claimed that Section 30(5) of the Act violated her rights against self-incrimination and to a fair trial. Section 30(5) provides that all persons to whom a notice is issued shall be legally bound to truthfully disclose all information within their knowledge, available to them or capable of being obtained by them. The sessions court dismissed her application earlier this year. Earlier today, Law told the court that Section 30(5) was legally sound, arguing that the provision was designed to compel individuals assisting in graft-related investigations to 'tell the truth'. He added that Naimah – who was summoned as a witness in a probe against Daim – had no right 'to remain silent' in the course of MACC investigations.
