KUALA LUMPUR: It has been disclosed that the family of former finance minister Tun Daim Zainuddin are beneficiaries of a multimillion-dollar trust with investments in real estate in the United Kingdom and the United States.
Documents obtained by the International Consortium of Investigative Journalists (ICIJ) have exposed leaked records from a Cayman Islands financial services firm, revealing that Daim's youngest sons, Muhammad Amin Zainuddin and Muhammad Amir Zainuddin, along with his wife, Toh Puan Nai'mah Khalid, are beneficiaries of a trust holding assets worth US$52.5 million (RM146.21 million) as of 2020.
The Cayman Islands are known for being a haven for multinational corporations to shield their incomes from taxation.
This disclosure comes amidst an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC) following the Pandora Papers revelations, linking Daim and his associates to offshore entities valued at a minimum of US$31 million.
On Jan 10, the trio was summoned to MACC Putrajaya to assist in the investigation into the undeclared wealth held by Daim.
As reported in ICIJ, Daim's wife created the ZA Star Trust in 2010 and the trust had investments in three British Virgin Islands (BVI) companies.
These investments were shares in three offshore registered companies, which are Branworth Holdings Limited, Copperfield Investment Holdings Limited and Straits Properties Holdings Limited.
"The third BVI company indirectly owns shares in nine entities registered in Delaware and Massachusetts, United States that were used to invest in hotels, parking lots and other commercial and residential property, the leaked records reveal.
"Two of those companies own two properties in London, including an eight-floor office building near St. Paul's Cathedral acquired in 2014 for US$50.8 million, according to the UK's property register.
"The trust's financial statements also show that the trust received a US$47 million loan from another entity called Adam Zeta Trust. The files do not state the owner of Adam Zeta Trust or when the loan was made," as quoted in the ICIJ.
Citing documents provided to the ICIJ from Genesis Trust and Corporate Services, the Cayman provider administering the trust listed the clients as 'high risk' due to their connection with Daim.
Genesis, acquired by Highvern in 2022, is one of 135 trust companies in the Cayman Islands that faced recent scrutiny for deficiencies in its anti-money laundering system.
The New Straits Times has reached out to the MACC and Daim's family lawyers, Tan Sri Tommy Thomas, Sachpreetraj Singh and Rajesh Nagarajan for further comments.
When contacted by the NST to comment on the ICIJ reports, Tan Sri Tommy Thomas said: "Please contact Tun Daim directly."
On Dec 23, MACC confirmed that it is investigating Daim over allegations of corruption and money laundering.
The confirmation came about after the commission on Dec 18 seized the 58-storey Ilham Tower, a commercial property in the Kuala Lumpur city centre reportedly owned by Daim's family.
On Dec 28, Daim in a statement, labelled MACC's investigation against him and his family a "political witch hunt."
He said neither he nor his family had been involved in any corruption or wrongdoing, adding that his efforts to establish what offences he allegedly committed to warrant the probe had been rebuffed by the MACC.