Daim's global financial services empire
Editor’s note: With Daim Zainuddin in the spotlight again, Malaysiakini is republishing this 2014 KINIBIZ article on how he went beyond Malaysia to operate on the global scale after his resignation as finance minister.
Following Daim Zainuddin’s resignation from the finance portfolio in 2001, he appeared to be keeping below the radar, creating the perception among some that he has retired.
But the perception changed in 2004 when it came to light that he was involved in Temasek Holdings’ buy-in into Alliance Financial Group (AFG) which wholly owns Alliance Bank Malaysia. This was not his only involvement with Temasek.
“Since I know Temasek, they said they were looking at opportunities in Malaysia. They asked me to make enquiries,” commented Daim in a previously published interview with the Far Eastern Economic Review on his association with Temasek.
Three years later, the perception that Daim is in retirement is well debunked. A new picture emerged
But the perception changed in 2004 when it came to light that he was involved in Temasek Holdings’ buy-in into Alliance Financial Group (AFG) which wholly owns Alliance Bank Malaysia. This was not his only involvement with Temasek.
“Since I know Temasek, they said they were looking at opportunities in Malaysia. They asked me to make enquiries,” commented Daim in a previously published interview with the Far Eastern Economic Review on his association with Temasek.
Three years later, the perception that Daim is in retirement is well debunked. A new picture emerged - Daim appears to have gone beyond Malaysia to operate on the global scene, not least of which involves advising the Singapore and Brunei governments on their investments.
On May 17, 2007, London Alternative Investment Market (AIM) welcomed a new listing in ICB Financial Group Holdings AG, which had banking subsidiaries in more than a dozen countries across Europe, Africa and Asia. Two years after listing, ICB Financial Group would have US$1.32 billion (RM4.35 billion) in total assets.
Prior to ICB Financial Group’s debut on the London stock exchange, Daim was the sole shareholder of the global banking operation. He retained a majority stake after the initial public offering (IPO).
For the full story, go to Kinibiz.
Part I: How powerful is Daim Zainuddin?
Part II: Daim: From teacher to corporate godfather
