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Remembering the man who twice restored the economy, friend regrets attacks on Daim during his last days

Businessman Abdul Rahman Maidin recalls the late Daim Zainuddin's many years of service to the country.

MalaysiaNow
3 minute read
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Daim Zainuddin.
Daim Zainuddin.

Former finance minister Daim Zainuddin, who died on Nov 13 last year, was often described as quiet. Many knew him as someone who rarely interacted with the media, and who was frugal in terms of his spending.

Frequently associated with Malaysia's economic recovery during the recessions in the 1980s and 1990s, he remains surrounded by stories and myths, leaving his character open to speculation.

Even his death was shrouded in accusations, particularly from Prime Minister Anwar Ibrahim.

He was seriously ill but this did not stop the Malaysian Anti-Corruption Commission from launching an investigation which courted controversy due to Bloomberg's revelations of pressure by the prime minister on the agency.

Daim's widow, Naimah Khalid, later filed a police report calling for Anwar to be investigated for abuse of power.

For veteran businessman and politician Abdul Rahman Maidin, the accusations levelled at Daim towards the end of his life cast a cloud over his service and contributions, including his economic innovation.

Abdul Rahman Maidin.
Abdul Rahman Maidin.

Abdul Rahman recalls Daim as a far-sighted, prudent, and disciplined person who came up with ideas no one else could.

"Sadly, we cannot celebrate people like Daim as a national asset," the former Malay Chamber of Commerce Malaysia chairman said on podcast programme The Tiger Show.

During his tenure under Dr Mahathir Mohamad's administration, Daim was known as the main architect of Malaysia's economic recovery.

His death had a deep impact on the former prime minister, who was seen holding back tears as he spoke about his old friend.

Daim, whose full name was Che Abdul Daim Zainuddin, was a successful businessman before Mahathir brought him into the government as his finance minister in the 1980s.

He resigned in 1991 and retired from politics after spearheading Malaysia's economic transformation.

Mahathir later appointed Anwar as finance minister, according to the practice at the time in which Cabinet appointments followed the hierarchy in Umno.

At the height of the Asian financial crisis which began in 1997, Mahathir recalled Daim as an adviser – an early signal of his unease with Anwar, who was seen as too compliant with the wishes of global financial bodies such as the International Monetary Fund.

Daim restored the economy once again and, once again, retreated from politics, returning instead to his business endeavours.

Abdul Rahman said Daim had a sharp focus on economic and financial matters, comparing him to former Singapore prime minister Lee Kuan Yew.

"If Lee Kuan Yew wanted to develop Singapore using the right methods, Daim wanted the same for Malaysia," he said in the podcast.

"Whether Singapore followed us or we followed Singapore was secondary. His goals were the same and his methods were more or less the same as well."

Daim's roles included paving the way for Malaysian businessmen to invest in Ghana and South Africa after the fall of the apartheid regime there, he said.

He also brought together small banks in South Africa and less developed European countries which were then consolidated and listed in the UK stock exchange.

For Abdul Rahman, one of the most unforgettable stories about Daim occurred during his delegation to the African continent.

He said Daim, who was always on the lookout for business opportunities, had visited Mali.

The visit ended with him donating a water pump to the locals who were struggling with a shortage of clean water.

"I saw a man who went to Africa to do business. He went and surveyed the situation, and he made a spontaneous donation.

"What does that show about the claims thrown at him? Completely contradictory," he said.

Daim Zainuddin seen here appearing in court on 29 Jan, 2024.
Daim Zainuddin seen here appearing in court on 29 Jan, 2024.

Abdul Rahman added that despite Daim's wealth, he had been a humble person.

He said the "ultra rich" label given to Daim by his critics was meant to cast doubts on his wealth.

"I think it was an unjust label," he said, referring to "maha kaya" label often used by Anwar on his political opponents.

He also said that Daim had been punctual, frugal, and careful to maintain his relationships with those he had worked with – all characteristics that should be emulated by the youth.

"If our children can put these into practice, I think more Daims will arise," he said.