MACC seizes and moves to forfeit RM3 billion in global assets linked to late Tun Daim and associates

THE Malaysian Anti-Corruption Commission (MACC) has initiated enforcement action involving the seizure and planned forfeiture of high-value assets linked to the late Tun Daim Zainuddin, his widow Toh Puan Na'imah Khalid, their family members and close associates.

In a statement today, the commission revealed that its investigation has uncovered more than RM3 billion in extraordinary assets held across 11 countries, including the United Kingdom, United States, Switzerland, Singapore, Italy, Japan, and various offshore jurisdictions such as Jersey, the British Virgin Islands and the Cayman Islands.

“MACC has obtained a prohibition order under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001 from the High Court in Kuala Lumpur on 3 June, covering seven immovable and movable assets in the UK valued at approximately RM758 million,” the statement read.

The investigations are being conducted in collaboration with the UK’s National Crime Agency (NCA) and the International Anti-Corruption Coordination Centre (IACCC), with mutual legal assistance (MLA) requests underway through the Attorney-General’s Chambers.

In Singapore and Jersey, applications for similar prohibition orders were filed on 19 June, with court hearings held on 23 and 25 June respectively. The assets in question include four bank and investment accounts worth RM1.15 billion in Jersey and 12 similar accounts worth RM540 million in Singapore.

Requests for additional information on assets located in the United States, Switzerland, British Virgin Islands, Cayman Islands, Italy, and Japan are also being processed through cooperation with Bank Negara Malaysia and the IACCC.

Domestically, the MACC has seized Menara Ilham – a landmark property in Kuala Lumpur – following a forfeiture order obtained on 4 June and executed the following day. A non-prosecution-based forfeiture application under Section 56 of the AMLATFPUAA was filed in the High Court on 25 June.

The commission confirmed that it recorded statements on 14 June from Toh Puan Na’imah and her son, Muhammed Amir Zainuddin Daim, concerning the undeclared ownership of extraordinary assets. A statement will also be taken from her second son, Muhammed Amin Zainuddin Daim, who is currently in the United Kingdom.

“All three are majority shareholders in Ilham Baru Sdn Bhd, the principal shareholder of Ilham Tower Sdn Bhd, and have been identified as the beneficial owners of Menara Ilham,” the statement added.

Notices under Section 36(1) of the MACC Act 2009 to declare assets were issued on 10 July to 22 individuals identified as close relatives and associates of the late Tun Daim and Toh Puan Na’imah.

“This is part of MACC’s core responsibility to ensure that no elements of corruption, abuse of power or misappropriation are involved in the management of national wealth,” the commission said.

“MACC remains committed to conducting investigations independently, transparently and in accordance with the law, without political interference or influence.” - July 11, 2025