Former Malaysian finance minister Daim Zainuddin and his spouse have reportedly been charged for failing to reveal belongings. This was a part of an anti-corruption investigation launched primarily based on revelations in Pandora Papers, reported ICIJ.
Zainuddin and his associates got here underneath the lens of the nation’s Anti-Corruption Fee in 2023 after Malaysiakini, a media associate of the Worldwide Consortium of Investigative Journalists, uncovered their hyperlinks to corporations and trusts primarily based in British Virgin Islands, holding belongings value $31 million.
Who’s Daim Zainuddin?
Zainuddin, 85, was the Malaysian finance minister throughout 1984-1991 and 1999-2001.
He may stand up to 5 years imprisonment together with a fantastic if discovered responsible. He’s charged with not declaring 71 belongings, together with dozens of corporations, actual property and luxurious automobiles, in response to Malaysiakini.
The previous minister has denied all the fees in opposition to him and pleaded not responsible. Wheelchair-ridden Zainuddin was granted bail after his lawyer cited well being points, reported Reuters. His spouse Naimah Khalid has additionally pleaded not responsible.
The anti-graft panel mentioned it’s also probing one other Cayman Islands-registered offshore household belief value about $52.5 million. The couple’s two youngest sons are the beneficiaries of this belief which was used for investments within the US and the UK, reported ICIJ, citing paperwork.
Naimah, in an announcement, alleged that the belongings “have been product of reputable enterprise and funding actions, going again lengthy earlier than Daim joined politics in 1984.”