I have ‘no control’ of companies, trusts linked to family, says Daim

(FMT) – Daim Zainuddin has played down an explosive exposé linking his family and known business associates to companies and trusts said to be worth RM141 million.

The former finance minister told Malaysiakini that he had “no knowledge or control” of these entities, although he acknowledged that some belong to his children.

“I’ve retired from business for some time already, and trusts are part of estate planning,” he was quoted by the portal as saying.

Daim also said all taxes had been fully paid in “every jurisdiction where he does business and where income was earned”.

Earlier today, Malaysiakini reported that Daim’s sons, Muhammed Amir and Muhammed Amin, became shareholders of Newton Invest & Finance Ltd (BVI) in 2007 in their preteens.

BVI held properties in London worth £10 million at the time.

The brothers and their mother are also shareholders in several other offshore companies which hold properties in London.

The portal’s report was based on the Pandora Papers, which were released by the International Consortium of Investigative Journalists (ICIJ) yesterday.

Malaysiakini reported that Daim’s daughter, Aslinda Daim-Pan, is the director of the British company 8 Bryanston Square Freehold Ltd.

“The ‘property management’ firm, however, only has £5 in assets, according to its last filings,” the report read.

The documents, according to Malaysiakini, also named former lawyer Josephine Premla Sevaretnam who held key positions in Daim’s various ventures.

This includes the Swiss bank ICB Banking Group, which Daim had a 74.4% stake in when it was listed on the London Alternative Investment Market in 2007.

Josephine was also listed as the business manager for London-based Newton Invest & Finance Ltd (BVI) and Splendid International Ltd (BVI).