Che Abdul Daim bin Zainuddin (; 29 April 1938 – 13 November 2024) was a Malaysian politician and businessman who served as the Minister of Finance from 1984 to 1989 and again from 1999 to 2001, both times under Prime Minister Mahathir Mohamad. He also served as a Senator from 1980 to 1982 and as a Member of Parliament (MP) from 1982 to 2004.
Daim is credited with steering Malaysia through the 1997 Asian financial crisis and was a major architect of Malaysia’s economic strategy and development.
Though not listed in any indexes, Daim was known as one of Malaysia's wealthiest individuals. Daim and his wife were charged in January 2024 with failing to declare 71 assets as part of an anti-corruption probe that he described as politically motivated. Daim was acquitted of graft after prosecutors applied to withdraw all charges following his death. However, posthumous investigations into his assets as well as his family has continued.
Early life and education
Daim Zainuddin was born in Alor Setar, Kedah, British Malaya (now Malaysia). He was the youngest of thirteen siblings. His father, Mohd Zainuddin Hj Senawi, was a clerk in the Kedah State Civil Service, while his mother, Pok Rafeah Binti Ishak, was a homemaker. He received his early education at the Seberang Perak Malay School in Alor Setar. He later attended Sultan Abdul Hamid College, an English-medium school, and completed his upper secondary education at St. Xavier's Institution, George Town, Penang. which he had worked on for 11 years.
Political career
Daim began his political career as a Senator from 1980 until his resignation to contest in the 1982 general election where he was elected as the Kuala Muda MP, before transferring to Merbok in 1986 and served as its MP until 2004 as a member of the United Malays National Organisation (UMNO).
Daim was appointed as Finance Minister under Prime Minister Mahathir Mohamad in 1984, serving until 1991, and later returning to the role from 1999 to 2001. Known for his economic policy work, Daim played a key advisory role in guiding Malaysia's economic recovery, with the GDP improving from a negative growth rate of 1.03% in 1985 to 9.06% in 1989. Upon Pakatan Harapan's victory, he was appointed to the newly founded Council of Eminent Persons, which served as an advisory body to the new government. This body was dissolved at the end of its 100-day mandate.
Business ventures
Daim began his career in real estate and finance in the 1970s, founding Syarikat Maluri Sdn Bhd in 1973, which played a pivotal role in developing Kuala Lumpur townships such as Taman Maluri and Taman Bukit Maluri. Over the years, he expanded his portfolio to include holdings in property development, hospitality, and materials, with companies like Ibu Kota Developments Sdn Bhd, Menara Ampang Sdn Bhd, and Avillion Bhd, which operates luxury hotels and resorts in Port Dickson, Pangkor, and Cameron Highlands.
In 1981, he expanded into banking by acquiring Banque Indosuez's local branches, rebranding it as the Malaysian-French Bank,
Daim and Mahathir, whose son has also been subjected to an anti-corruption probe, had accused the investigators of having political motivations in targeting government critics.
In January 2024, Daim was charged under anti-corruption laws for failing to declare 71 assets, including two investment accounts, six luxury vehicles, 24 properties and plots of land, and 38 companies. He appeared in court to plead not guilty, having been discharged from hospital before the indictment.
In November 2024, the prosecution dropped all charges against Daim and he was given a posthumous acquittal by the Sessions Court.
Investigations into Daim have continued past his death, with assets previously belonging to him, his family, as well as his proxies being seized by the MACC.
Death
Daim died on 13 November 2024, having been admitted to Assunta Hospital, Petaling Jaya the previous month. He was 86. His funeral was held at the Federal Territory Mosque attended by family, dignitaries, and friends. He was buried at the Bukit Kiara Muslim Cemetery in Kuala Lumpur.
Election results
{| class="wikitable" style="margin:0.5em ; font-size:95%"
|+ Parliament of Malaysia
!|Year
!|Constituency
! colspan=2|Candidate
!|Votes
!|Pct
! colspan=2|Opponent(s)
!|Votes
!|Pct
!|Ballots cast
!|Majority
!|Turnout
|-
|1982
| P012 Kuala Muda
| |
| (UMNO)
| align="right" |21,782
|73.82%
| |
|Gazzhali Dinn (PAS)
| align="right" |7,724
|26.18%
|30,570
|14,058
|76.79%
|-
|1986
| rowspan="2" |P011 Merbok
| |
| (UMNO)
| align="right" |20,712
|74.83%
| |
|Reddhuan Oon (PAS)
| align="right" |6,967
|25.17%
|28,495
|13,745
|70.12%
|-
|1990
| |
| (UMNO)
| align="right" |25,749
|72.22%
| |
|Mohd Joharrie Abbiddin (S46)
| align="right" |9,906
|27.78%
|36,831
|15,843
|72.71%
|-
|1995
| rowspan="2" |P014 Merbok
| |
| (UMNO)
| align="right" |31,125
|77.72%
| |
|Maherran Muktarr (S46)
| align="right" |8,924
|22.28%
|41,941
|22,201
|70.56%
|-
|1999
| |
| (UMNO)
| align="right" |30,285
|67.01%
| |
|Mocktar Mansor (KeADILan)
| align="right" |14,909
|32.99%
|46,599
|15,376
|73.19%
|}
Honours
Honours of Malaysia
- 50px Grand Commander of the Order of Loyalty to the Crown of Malaysia (SSM) – Tun (1991)
- 50px Knight Commander of the Order of Loyalty to Sultan Abdul Halim Mu'adzam Shah (DHMS) – Dato' Paduka (1988)
- 50px Grand Commander of the Order of Malacca (DGSM) – Datuk Seri (2001)
See also
- Members of the Dewan Negara, 5th Malaysian Parliament
- List of people who have served in both Houses of the Malaysian Parliament
References
External links
- Official website
- Malaysia.net