Pandora Papers shed light on offshore assets linked to Daim, who insists nothing shady about them
Tun Daim Zainuddin attends the 29th Tunku Abdul Rahman Lecture in Kuala Lumpur December 18, 2019. ― Picture by Miera Zulyana
KUALA LUMPUR, Oct 4 — The Pandora Papers — documents obtained by the International Consortium of Investigative Journalists (ICIJ) on tax havens preferred by the rich and powerful — have shed some light on business associates of former finance minister Tun Daim Zainuddin.
Malaysiakini reported that according to the documents, which were sighted by them, the companies and trusts held by Daim's children, wife or known business associates jointly were worth at least £25 million (about RM141 million).
Daim’s sons, Muhammed Amir Zainuddin Daim and Muhammed Amin Zainuddin Daim were named owners of a British Virgin Islands (BVI) firm Newton Invest & Finance Limited (BVI) in 2007 when they were nine and 12 respectively.
By 2017, when the brothers were in their early 20s, they were owners of several offshore firms set up in tax havens, including Splendid International Ltd (BVI) which held London properties worth £12 million (about RM65 million at 2017 exchange rates).
Besides the two BVI firms, the brothers and their mother are also shareholders in several other offshore companies which hold properties in London.
Meanwhile, the documents also mentioned Josephine Premla Sevaretnam, a former lawyer and deputy public prosecutor who served alongside Daim in the service before holding key positions in his various ventures which includes the Swiss bank ICB Banking Group, in which Daim owns 74.4 per cent when it was listed on the London Alternative Investment Market in 2007.
Josephine was also listed as Newton Invest & Finance Limited (BVI) and Splendid International Ltd’s (BVI) business manager, based in Bryanston Square, London.
Daim’s daughter Aslinda Daim-Pan, who took on her husband's surname, is also a director of the British company 8 Bryanston Square Freehold Limited, according to the UK's Companies House.
In a reply to Malaysiakini, Daim called out what he believes is the news portal's "unending obsession" with him.
He said while not all the trusts listed belonged to him, but all his dealings are legitimate and further stated that trusts are part of "estate planning" as he has retired from business.
As such, he contended that the reporting, which implies wrongdoing by innuendo and speculation, is "unprofessional" and an attempt to discredit him.
The former minister also said he has always paid taxes due for all investments and properties in any jurisdiction and that he was a "successful and wealthy" businessperson in his own right.
"I have been in business since the 1960s. It has been more than 60 years, a half-century since.
"I think some recognition should be given to a Malaysian who has successfully carried the flag for Malaysian businesses here and worldwide," he was reported as saying.
The Pandora Papers is the largest trove of leaked offshore data in history with documents coming from offshore service providers operating in Anguilla, Belize, Singapore, Switzerland, Panama, Barbados, Cyprus, Dubai, the Bahamas, the British Virgin Islands, Seychelles and Vietnam.
The files were leaked to the ICIJ, which has not revealed its source. The ICIJ gave 600 journalists around the world remote access to the leaked data.
KUALA LUMPUR, Oct 4 — The Pandora Papers — documents obtained by the International Consortium of Investigative Journalists (ICIJ) on tax havens preferred by the rich and powerful — have shed some light on business associates of former finance minister Tun Daim Zainuddin.
Malaysiakini reported that according to the documents, which were sighted by them, the companies and trusts held by Daim's children, wife or known business associates jointly were worth at least £25 million (about RM141 million).
Daim’s sons, Muhammed Amir Zainuddin Daim and Muhammed Amin Zainuddin Daim were named owners of a British Virgin Islands (BVI) firm Newton Invest & Finance Limited (BVI) in 2007 when they were nine and 12 respectively.
By 2017, when the brothers were in their early 20s, they were owners of several offshore firms set up in tax havens, including Splendid International Ltd (BVI) which held London properties worth £12 million (about RM65 million at 2017 exchange rates).
Besides the two BVI firms, the brothers and their mother are also shareholders in several other offshore companies which hold properties in London.
Meanwhile, the documents also mentioned Josephine Premla Sevaretnam, a former lawyer and deputy public prosecutor who served alongside Daim in the service before holding key positions in his various ventures which includes the Swiss bank ICB Banking Group, in which Daim owns 74.4 per cent when it was listed on the London Alternative Investment Market in 2007.
Josephine was also listed as Newton Invest & Finance Limited (BVI) and Splendid International Ltd’s (BVI) business manager, based in Bryanston Square, London.
Daim’s daughter Aslinda Daim-Pan, who took on her husband's surname, is also a director of the British company 8 Bryanston Square Freehold Limited, according to the UK's Companies House.
In a reply to Malaysiakini, Daim called out what he believes is the news portal's "unending obsession" with him.
He said while not all the trusts listed belonged to him, but all his dealings are legitimate and further stated that trusts are part of "estate planning" as he has retired from business.
As such, he contended that the reporting, which implies wrongdoing by innuendo and speculation, is "unprofessional" and an attempt to discredit him.
The former minister also said he has always paid taxes due for all investments and properties in any jurisdiction and that he was a "successful and wealthy" businessperson in his own right.
"I have been in business since the 1960s. It has been more than 60 years, a half-century since.
"I think some recognition should be given to a Malaysian who has successfully carried the flag for Malaysian businesses here and worldwide," he was reported as saying.
The Pandora Papers is the largest trove of leaked offshore data in history with documents coming from offshore service providers operating in Anguilla, Belize, Singapore, Switzerland, Panama, Barbados, Cyprus, Dubai, the Bahamas, the British Virgin Islands, Seychelles and Vietnam.
The files were leaked to the ICIJ, which has not revealed its source. The ICIJ gave 600 journalists around the world remote access to the leaked data.
This is what NEP has achieved. Super Elite UMNO putras. Started in 1971 and perpetrated by every UMNO PM since then, and sapoted by MCA, MIC, Gerakan etc.
ReplyDeleteAnd today they say bumis have only 17% share of equity? What about their undeclared shares in offshore accounts like in BVI?
What about their wealth in Birkin handbags and jewelry?
The exposure in the Pandora papers, in m'sia context, means that all the culpable politikus of all hues & creep WILL exercise their bargaining powers to sapu & establish more channels to corner their (ill-gotten) wealth at the expenses of the rakyat!
ReplyDeleteThese papers tell the tales that the authorities would do NOTHING even with the glaring disclosures.
Legal mah, lagi personal ability (in playing negotiated cronyism).
Wakakakakaka…
QUOTE
ReplyDeleteFrom The Star, 19 December 1996
LING: MY SON'S BUSINESS DEALINGS ARE MORALLY CORRECT
Kuala Lumpur: MCA president Datuk Seri Ling Liong Sik described
the DAP yesterday as "irritants" for turning his son's buying
into four companies in the past three months into an issue in the
Dewan Rakyat.
"We (MCA) consider DAP as irritants so we just ignore them.
I do not want to stoop to their level and say bad things, that
is my attitude," said Dr Ling when asked to comment opn Kota
Melaka MP Lim Guan Eng's press conference on the matter in the
Parliament lobby on Monday.
Dr Ling here obfuscates the issue and accuses the DAP of asking
pertinent questions -- as Mr Lim Guan Eng did -- about how his
son got so much money out of no where. An attack on his son's
business dealings is viewed as an attack on the MCA, inferring
as he and his college, Dato' Seri Samy Vellu, of the MIC, often
does, is seen as an attack on their respective communities.
Here it does appear that Dr Ling is caught with his pants down.
Dr Ling said the business dealings of his son Hee Leong, 27,
were "morally correct".
"As far I am concerned my son is over 21 years old and leads
his own life.
"However, what he is doing is morally correct so I encourage
him," he said.
No one said Ling Hee Leong's business dealings are immoral: the
question raised is how he could get so much money out of nowhere
to buy RM800 million worth of assets and more in three months.
Or is Dr Ling saying that while his son is moral, he is not?
The question is how does a 27-year old able to garner so much
funds from banks, nor whether his decision to go into business
is moral or not.
A business weekly reported that Hee Leong had acquired stakes
in Berjaya Industrial Sdn Bhd, and proposed to acquire United
Traders Securities Sdn Bhd (a Berjaya Group wholly-owned stock
brokerage) for RM250 million.
In September, Hee Leong, through his private company Stellar
Links Sdn Bhd, also bought 6.55 million Rex Box Bhd shares.
He also proposed to pay Lion Group RM150 million for a 32
per cent controlling stake in Amalgamated Containers Berhad.
Dr Ling said the DAP always wanted to "create a misunder-
standing" about the situation "but the truth will prevail."
What Dr Ling should do is explain how his son acquired so much
funds at such notice. Or least, for the sake of his political
probity, get his son to explain how the funds were collected,
or whether he is "fronting" for businessmen, which if he is, who
they are.
"My son's business ventures are in line with the Malaysian
Incorporated policy.
"Under this policy, we encourage Malays, Chinese and Indians
and even foreigners to develop businesses and this benefits
everyone," he said.
A man opening kway teoh stall is in line with Malaysian Incorporated.
The question is not whether his son's business ventures is in line
with official policy; nor whether they are moral; nor whether the
minister should attack the DAP for raising eyebrows about the
arrival of an instant billionaire; but how he came to the money.
So long as that is not answered, there will always be questions
about Dr Ling's role in all this, and if he did twist a few arms to
ensure that his son's "morality" is unquestioned. If anything, Dr
Ling's response has raised more questions about his son's business
deals. Dr Ling attacking the DAP cannot wish this away.
UNQUOTE
QUOTE
ReplyDeleteLing Hee Leong – what has happened to my 11-year-old ACA report over his RM1.2 billion corporate wealth?
(Media Statement by Lim Kit Siang in Ipoh on the eve of nomination day for 12th general election on 23rd February 2008)
....after 11 years, I have still to get a proper report on the status of ACA investigations into my June 1997 report to the ACA as to how Ling Hee Leong, son of Liong Sik, could at the age of 27 embark on corporate acquisitions exceeding RM1.2 billion in a matter of months and whether there had been improper use and influence of his father’s political and Ministerial position.
UNQUOTE