Former finance minister Daim Zainuddin said he had delisted the ICB Banking Group, a Swiss bank, due to his age and a lack of interest from his children to take over the company.
Earlier today, Malaysiakini reported that he owned 74.4% of the bank when it was listed on the London Alternative Investment Market in 2007.
The portal reported this in an expose linking his family and known business associates to companies and trusts said to be worth RM141 million.
The report was based on the Pandora Papers, which were released by the International Consortium of Investigative Journalists (ICIJ) yesterday.
Daim, who served as the finance minister twice during Dr Mahathir Mohamad’s first stint as prime minister, said the ICB that he owned had operations in over 14 countries and was successfully listed in London.
“I delisted it when I realised I was getting too old to be globetrotting and when none of my children wanted to take over,” he said in a statement to clarify the claims. He added that there were many businesses both local and abroad that were named ICB, of which he “had no knowledge of”.
“It is also pertinent to note that the business of banking is highly regulated and is strictly vetted in the various countries that my businesses operated in.”
Daim also said he had been buying property overseas since the 1960s, even before he stepped into politics, adding that they were professionally managed and gave good returns.
He added that the issue of his involvement in business has been “hashed and rehashed ad nauseum”.
Source : FMT