18-1-2024 (KUALA LUMPUR) Leaked documents have revealed an offshore trust linked to the family of influential Malaysian tycoon Daim Zainuddin, potentially valued at over 200 million ringgit, according to local media outlet Malaysiakini.
The Cayman Islands files connect Daim’s wife and two sons to a Cayman Islands-based fund called ZA Trust, with reported assets of around $52.5 million as of 2020. This appears to dwarf past known offshore vehicles associated with Daim.
Malaysiakini cited documents from Genesis Trust & Corporate Services, which provides offshore financial services. The news comes amid an ongoing Malaysian Anti-Corruption Commission (MACC) probe into Daim’s wealth.
Per the documents, ZA Trust saw its value balloon in 2020 after revaluation of shares it holds in three foreign-registered firms. But the opaque ownership structures of those companies, involving multiple offshore entities, obscure the ultimate beneficiaries.
At least two of the firms also have ties to an individual called Francis Ventura, who is linked to Daim beyond just ZA Trust. Ventura has been a trustee of the Daim family’s own charity foundation.
Compliance records reportedly designated the owners of ZA Trust as “high risk” due to their relationship to Daim. The former minister has drawn scrutiny over his extensive business empire cultivated during his decades near the peak of power.
Responding to Malaysiakini, Daim’s lawyer Tommy Thomas declined to comment on the leaked trust documents. Daim himself has yet to address the latest revelations.
The offshore ties add pressure on Daim to divulge information demanded by the MACC to ascertain if his wealth involves any impropriety. The anti-graft agency continues probing assets identified in previous leaks like the Pandora Papers.
For now, the trail of offshore vehicles and trusts only seems to widen as more revelations emerge, sparking accusations that Daim has concealed wealth abroad. With his family also implicated, the spotlight intensifies on the reclusive tycoon’s financial empire.
