KUALA LUMPUR: Former finance minister Tun Daim Zainuddin has died. He was 86.
It is understood that Daim passed away while receiving treatment in Assunta Hospital.
Daim's lawyer, Datuk Gurdial Singh Nijar confirmed his client's passing.
Tun Daim's Timeline:
Name: Tun Daim Zainuddin
Date of Birth: 29 April 1938
Place of Birth: Derga, Alor Setar, Kedah
Education:
1949–1954: Sultan Abdul Hamid College (KSAH), Alor Setar, Kedah St. Xavier's Institution, Penang
1959: Obtained a law degree (Passed the Bar Examination) from Lincoln's Inn
1977–1979: Earned a Master's degree in Urban Planning from the University of California, Berkeley
Career:
1957: Began as a temporary teacher at KSAH
1959: Graduated with a law degree from Lincoln's Inn
Practised law in Kota Bahru, Kelantan
Joined the government's legal service, serving as a Magistrate in Johor
Worked as Deputy Public Prosecutor in Perak
1966: Served at prominent law firm Allen & Gledhill
Established his own law firm, Daim, Gamani & Co.
Involvement in Business
His first two commercial ventures, a salt business and a plastic manufacturing company, were unsuccessful.
1973: Entered property development after acquiring valuable land in Maluri, a suburb of Kuala Lumpur.
Founded Maluri Sdn Bhd, in which he held a 60 per cent majority ownership.
1982: According to Asiaweek, his move was attributed to his close ties with Selangor Menteri Besar Datuk Harun Idris at the time.
Later diversified his holdings by investing in the stock market.
Acted as a business consultant to Dr. Mahathir, who was then Deputy Prime Minister.
1977–1979: Obtained a Master's degree in Urban Planning from the University of California, Berkeley.
Appointed as chairman of property developer Peremba, owned by the Urban Development Authority (UDA).
1982: Appointed to lead UMNO's investment company, Fleet Holdings Sdn Bhd, a year after Dr. Mahathir became Prime Minister and UMNO president.
Daim's Political Career:
1980: Appointed as a senator
1981: Held the position of UMNO Treasurer, which at the time governed the Federal Government
1982: Elected Member of Parliament for Kuala Muda in his home state, Kedah
1985: Appointed as Minister of Finance and served as UMNO Treasurer
1991–1998: Stepped down from the Cabinet by personal choice
1999: Returned at Dr. Mahathir's request to manage Malaysia's economy during the 1997-98 Asian financial crisis
2001: Resigned from this position and subsequently retired from politics to focus on his business ventures
2018: Chaired the Council of Eminent Persons when Dr. Mahathir was reappointed Prime Minister following the 14th General Election (GE14)
Daim's Major Interest in Banking:
Daim's expertise in the banking sector began when he was appointed Bank Rakyat chairman.
In 1980, he successfully acquired the Malaysian-French Bank from French businessmen.
In 1984, Daim gained control over the United Malayan Banking Corporation (now RHB Bank), then the third-largest bank in Malaysia.
However, Daim was required to relinquish both banks upon his appointment as Minister of Finance.
After Stepping Down as Minister:
In 1991, Daim established an investment company, International Commercial Bank (ICB), in Switzerland.
In 2001, after once again retiring from the Cabinet, Daim founded ICB Global Management. The company expanded operations to Sierra Leone and Gambia. Subsequently, ICB Financial Group Holding was established and began investing in Bank Internasional Indonesia.