KUALA LUMPUR: The passing of Tun Daim Zainuddin, the former sixth Finance Minister and a towering figure in Malaysia's business world, is a great loss for the country.
Daim passed away this morning at the age of 86.
Opposition leader Datuk Seri Hamzah Zainudin said the country has lost not only a great leader but also one of the key architects of Malaysia's economy when it became the 'Asian Tiger'.
He said that Daim's immense contributions to religion, race, and the nation, especially during the 1998 financial crisis, ultimately helped Malaysia overcome the crisis.
"He was a person with a vision for Malaysia's politics and economy. We will surely miss his words of wisdom.
"He was a true fighter, even until the end of his life—despite his frailty, he continued to fight against tyranny and political vengeance.
"Personally, I have lost a teacher, a mentor, a father figure, and a friend who guided me in the world of business and politics," he wrote on his Facebook post today.
Born on April 29, 1938, in Alor Setar, Kedah, Daim was the youngest of thirteen siblings. He began his education at Seberang Perak Malay School in Alor Setar before attending Sultan Abdul Hamid College, an English-medium institution. He completed his upper secondary education at St Xavier's Institution in George Town, Penang.Tun Daim pursued further studies as a barrister-at-law at Lincoln's Inn in 1959 and later studied Urban Planning at the University of California, Berkeley, in 1979.
His career spanned multiple industries, and he played a significant role in the development of various companies across different sectors.
His extensive business empire included key ventures in property development, hospitality, and materials, with notable firms such as Ibu Kota Developments and Menara Ampang.
He also held substantial stakes in leading hospitality companies, including Avillion Bhd and Avillion Hotel Group.
Daim's strategic investments over the years helped shape the landscape of the Malaysian economy, leaving behind a profound legacy in both business and political spheres.
Daim was linked to over 30 companies, from real estate to resort developments, making him one of the most influential figures in the country.
His vast portfolio included companies such as Ibu Kota Developments Sdn Bhd, Maya Seni Holdings Sdn Bhd, Menara Ampang Sdn Bhd, Dream Cruiser Sdn Bhd, Landbelt Corporation Sdn Bhd, Kenari Teliti Sdn Bhd, Fnq Advanced Materials Sdn Bhd, Kota Tandop Development Sdn Bhd, Alun-Alun Resort (M) Sdn Bhd, Dasar Seroja Sdn Bhd, Gigantic Promotions Sdn Bhd, Jupiter Alliance Sdn Bhd, Inayat Realty Sdn Bhd, Suasa Urus Sdn Bhd, Avillion Berhad, Meridian Haven Sdn Bhd, and Avillion Vista Hotel Sdn Bhd.
His reach also extended to other prominent businesses, including Vast Access Sdn Bhd, Fortune Valley Sdn Bhd, Reliance E-Com Sdn Bhd, Admiral Marina Bhd, Golden Envoy (M) Sdn Bhd, Mela Lifestyle Sdn Bhd, AVI SPA Sdn Bhd, Avillion Hotel Group Sdn Bhd, RPB Capital Holdings Sdn Bhd, Genius Field Sdn Bhd, Festive Place Sdn Bhd, Avillion Suite Hotel (PD) Sdn Bhd, Taman Unik Sdn Bhd, Admiral Cove Development Sdn Bhd, Nesline Sdn Bhd, RPB Development Sdn Bhd, OS Resources Sdn Bhd, Avillion Hotel (KL) Sdn Bhd, Avillion Hotels International Sdn Bhd, Admiral Hill Hotel Sdn Bhd, and Reliance Shipping & Travel Agencies (Perak) Sdn Bhd.
A Journey Through Business: The Entrepreneurial Path of Daim Zainuddin
Daim's entry into the business world began with early setbacks, including failed ventures in salt trading and plastic production.
However, he did not let these failures deter him. In 1973, he found success in real estate, acquiring valuable land in Maluri, Kuala Lumpur, and founded Syarikat Maluri Sdn Bhd, holding a majority 60 per cent stake in the company.
By 1982, Daim's business reputation had grown, aided by his relationship with the then Menteri Besar of Selangor, Datuk Harun Idris.
He expanded his business portfolio through strategic investments in the stock market, further solidifying his position in the financial sector.
Daim also played a key role as a business consultant to then Deputy Prime Minister Dr. Mahathir Mohamad, which helped him secure prominent public sector positions.
Between 1977 and 1979, Daim earned a master's degree in urban planning from the University of California, Berkeley, strengthening his expertise in business and urban development.
His political connections became integral to his career. In the early 1980s, Daim was appointed chairman of Peremba, a property developer owned by the Urban Development Authority (UDA), and took charge of UMNO's investment company, Fleet Holdings Sdn Bhd.
His influence continued to grow as Dr. Mahathir became Prime Minister.
Daim's most significant achievements were in banking. In 1980, he was appointed Chairman of Bank Rakyat, and in 1984, he gained control of United Malayan Banking Corporation (now RHB Bank).
His tenure in banking solidified his financial expertise, although his role as Finance Minister required him to divest from these interests.
After stepping down as Finance Minister, Daim's business ventures continued to thrive. In 1991, he established the International Commercial Bank (ICB) in Switzerland and, in 2001, founded ICB Global Management, which expanded into Sierra Leone and Gambia.
His financial empire grew further with the formation of ICB Financial Group Holding, which began investing in Bank Internasional Indonesia.
In 2018, following the 14th General Election, Daim reentered Malaysia's political and administrative arena as the head of the federal government's Council of Eminent Persons.
He was joined on the council by former Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz, former Petronas president Tan Sri Mohd Hassan Merican, business magnate Robert Kuok, and economist Jomo Kwame Sundaram.
The council was tasked with advising the government on economic and financial issues.
Daim's entrepreneurial journey reflects his resilience, vision, and influence.
His contributions to Malaysia's economy and his lasting impact on both business and politics will be remembered for generations.