Kuala Lumpur: The Malaysian Anti-Corruption Commission (MACC) is contemplating the forfeiture of undeclared assets linked to the late former Finance Minister, Tun Daim Zainuddin, which are estimated to be valued at over RM2 billion. MACC Chief Commissioner Tan Sri Azam Baki reported that eight investigation files have been initiated following new data received from international agencies regarding the assets owned by Daim, his family, and proxies.
According to BERNAMA News Agency, Azam highlighted that recent intelligence suggests these assets were not disclosed during the MACC’s investigation in 2023. He stated that if these assets were indeed undeclared, it would be a violation of the MACC Act 2009, potentially leading to their forfeiture by the government. The decision lies with the Deputy Public Prosecutor on whether to proceed with the forfeiture, although Azam indicated this is the likely course of action.
Azam further explained that the commission is collaborating with Swiss and UK authorities to collect evidence regarding the former minister’s assets. When questioned about the inclusion of Menara Ilham, allegedly owned by Daim’s family, Azam suggested that conclusions could be drawn independently, though reiterated that numerous assets worth up to RM2 billion are involved.
The investigation is actively engaging witnesses and compiling necessary documentation to ascertain the legitimacy of the asset acquisitions, with a two-month deadline to complete the inquiry. During a press briefing, Azam also revealed the MACC’s action of freezing 100 personal bank accounts associated with a ‘Tan Sri’, his family, and affiliated companies, with a combined value surpassing RM217 million.
Azam noted that statements have been taken from the corporate figure and four other individuals, with plans to summon 13 additional witnesses in connection to a corruption case linked to an investment in an offshore company overseen by two proxies. The case involves money laundering proceeds related to a contract with a Brazilian company, funneled through several offshore entities managed by the Malaysian proxies.
The investigation is expected to be comprehensive due to the requirement of obtaining testimonies and collaboration from authorities in Brazil, Singapore, the Netherlands, and other nations. MACC has launched two investigation papers focused on mapping financial transactions across these countries, ultimately tracing the funds back to Malaysia. One investigation is under the MACC Act concerning corruption, while the second pertains to Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.