The late Daim, from ex-banker and realtor to nation's economic troubleshooter
The late Daim is known among bankers, tycoons, politicians and the press as the mastermind who extracted Malaysia from economic turmoil in the 1980s and again in the 1990s.
KUALA LUMPUR - The passing of the former sixth Finance Minister, Tun Daim Zainuddin, can be considered a great loss for the country as a whole and the business community, particularly in the banking and real estate sectors.
Born on April 29, 1938, in Alor Setar, Kedah, Daim was the youngest of thirteen siblings.
He received his early education at the Seberang Perak Malay School, Alor Setar, Kedah. He later attended the Sultan Abdul Hamid College, an English-medium school and finally finished his upper secondary education at St Xavier’s Institution, George Town, Penang.
Tun Daim then furthered his studies as a barrister-at-law at Lincoln’s Inn in 1959 and in Urban Planning at the University of California, Berkeley, in 1979.
The mastermind behind Malaysia’s economic recovery
The late Daim is known among bankers, tycoons, politicians and the press as the mastermind who extracted Malaysia from economic turmoil in the 1980s and again in the 1990s.
Characterised by business observers as restrained yet fiercely shrewd as an economist and businessman, Daim is best known as former Prime Minister Tun Dr Mahathir Mohamad’s chief economic troubleshooter (1984-91, 1999-2001).
During his first tenure as the finance minister, Daim not only helped restore the country’s economy but also enabled Malaysia to record an economic growth that was among the highest in Asia.
From a negative growth of 1.03 per cent in 1985, the gross domestic product (GDP) rebounded to 9.06 per cent in 1989, setting the nation on a sound footing for greater expansion.
Well-known individual in real estate and finance
Before his political appointment, the self-made Daim earned significant fame and respect in real estate and finance.
Beyond politics, Daim made significant contributions to the business sector. His initial attempts in the salt and plastic production industries were met with challenges, but in 1973, he ventured into real estate development, where he established Syarikat Maluri Sdn Bhd.
The company played a key role in developing two townships in Kuala Lumpur, namely Taman Maluri and Taman Bukit Maluri.
In 1981, Daim acquired the Indo-Suez Bank and renamed it the Malaysian-French Bank. He later exchanged his predominant ownership in the Malaysian-French Bank for a smaller share in the United Malayan Banking Corporation, now known as RHB.
His contributions to Perbadanan Pembangunan Bandar (UDA) and UMNO’s investment company, Fleet Holdings Sdn Bhd, showcased his influential role in shaping Malaysia’s business landscape.
Left banking to help save the economy again
In a strategic pivot after his ministerial roles, Daim founded the International Commercial Bank (ICB) in Switzerland in 1991, signalling his intention to play a significant role in the global financial arena.
The move showcased Daim’s foresight in establishing a financial institution in Switzerland, a recognised hub for international banking.
Over the next decade, ICB, under Daim’s guidance, expanded its operations globally, venturing into Sierra Leone and Gambia.
Despite enjoying great success in the banking industry, he had to relinquish his banking sector ventures upon assuming the role of finance minister in 1999 at the request of then Prime Minister Tun Dr Mahathir during the Asian Financial Crisis, which threatened to destroy Malaysia’s economy.
After spending a year in the role, he resigned and completely exited the political scene to focus on his business ventures.
Comeback to lead the government’s group of economic advisors
Daim, who was also known as Dr Mahathir’s ‘right-hand man’, made a comeback in the country’s political and administrative arena in 2018 after the 14th General Election, when the former finance minister was given the responsibility of leading the federal government’s Council of Eminent Persons.
The council included former Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz, former Petronas president Tan Sri Mohd Hassan Merican, tycoon Robert Kuok, and economist Jomo Kwame Sundaram.
The council’s purpose was to advise the government on economic and financial matters. - BERNAMA
