KUALA LUMPUR: Daim Zainuddin, Malaysia's former finance minister, passed away on Wednesday (Nov 13) at the age of 86, his family confirmed.
Daim, who served two terms as finance minister, from 1984 to 1991 and again from 1999 to 2001, was instrumental in guiding Malaysia through economic recessions and the Asian financial crisis during his time in office. His leadership was pivotal under former Prime Minister Mahathir Mohamad.
Dr. Mahathir expressed his sorrow, saying, "I have lost a friend who fought with me for race, country, and religion." He added that he was "immeasurably saddened" by Daim's passing.
Daim held significant influence during Dr. Mahathir's leadership. In 2018, after Dr. Mahathir became prime minister again, he appointed Daim as chairman of the five-member Council of Eminent Persons, which provided advice on economic and financial matters.
Daim passed away at 8:21 AM in a hospital on the outskirts of Kuala Lumpur. His funeral is set to take place at the national mosque later that day. The cause of death has not been disclosed.
His lawyer, Gurdial Singh Nijar, shared that Daim had been in intensive care following a stroke in recent weeks. He also confirmed the death but did not have details on the cause.
In December 2023, Malaysia's anti-graft agency seized the Ilham Tower, a luxury 60-storey building in Kuala Lumpur owned by Daim's family, as part of an investigation into controversial business dealings linked to the United Malays National Organisation (UMNO), the former ruling party.
Earlier this year, Daim was charged with failing to disclose assets under Malaysia’s anti-corruption laws, part of an ongoing crackdown by Prime Minister Anwar Ibrahim's government. Daim denied the charges, which are among the most high-profile legal actions taken against prominent figures in recent times. He was also under investigation for potentially having undisclosed wealth.
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