Ops Godfather: MACC Traces Tun Daim’s Overseas Assets Worth Billions Of Ringgit

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The Malaysian Anti-Corruption Commission (MACC) detected assets worth billions of ringgit belonging to the late Tun Daim Zainuddin, a former finance minister, in several countries as a result of Ops Godfather.

Its chief commissioner Tan Sri Azam Baki, who is also being investigated in a shareholding corruption scandal, said his party is cooperating with authorities in the countries involved before any action can be taken, including confiscations and seizures.

“MACC Special Operations Division Senior Director, Datuk Mohd Zamri Zainul Abidin, is collaborating and also discussing with authorities from the countries concerned,” Azam said, according to a Malaysia Gazette report.

One of Daim’s children came forward after MACC issued a statement looking for them

Last week, the anti-graft organisation published a statement informing the media and public that it was seeking four of Daim’s children to assist their investigation.

The statement named all four of them, and published their photos as well as their last known addresses.

So far, only one of the deceased business tycoon’s children has come forward, while the other three are yet to be found, Bernama reported.

What is Ops Godfather?

Ops Godfather is a major investigation conducted by the MACC into suspected corruption, undeclared wealth, and money laundering linked to the family and associates of Daim.

The investigation is linked to information from the Pandora Papers, a document which revealed offshore companies and assets tied to global political and business figures which was leaked in 2021.

The leak highlighted how the ultra-wealthy avoid taxes and launder money through complex legal structures.

MACC began examining the case after intelligence from the document, which implicated over 35 world leaders, exposed ownership global offshore assets estimated at trillions of dollars, and triggered worldwide inquiries.

Daim was charged in court in January 2024, just months before this death, for failing to declare assets after being ordered to do so by the MACC. The charges involved assets like properties, companies, investment accounts, and luxury vehicles.

He pleaded not guilty to the charges, and claimed the case was politically motivated.

Daim died in November 2024, and prosecutors later withdrew the charges, resulting in a posthumous acquittal by the court.

Daim made his fortune before even becoming finance minister

Born in Kedah in 1938, Daim pursued his legal education in the United Kingdom before returning to Malaysia to begin his career as a lawyer in the 1960s. His legal practice exposed him to corporate law and business negotiations, providing him with early insight into the workings of finance and property markets.

Rather than remaining solely in legal practice, Daim gradually transitioned into business, recognizing opportunities in Malaysia’s rapidly developing economy during the 1970s.

Daim’s early fortune was largely built through banking and property investments. One of his most notable ventures involved acquiring control of the struggling United Malayan Banking Corporation during the 1970s. Through restructuring and expansion, the bank became profitable, and Daim eventually sold his interests at a substantial gain.

At the same time, he invested heavily in real estate, purchasing undervalued land and commercial properties during periods of economic transition. Many of these investments appreciated significantly as Malaysia’s urban centers expanded, further strengthening his financial position.

By the early 1980s, Daim had established himself as a major figure in Malaysia’s business community.

Entry into politics

Daim’s close relationship with former Prime Minister Tun Dr. Mahathir Mohamad led to his entry into government. In 1984, he was appointed Malaysia’s Finance Minister under Mahathir’s administration.

He served in this role from 1984 to 1991 and later returned briefly from 1999 to 2001. During these periods, Daim was widely regarded as one of the most powerful figures in the government, overseeing financial policy during a time of rapid industrialization and privatization.

His tenure coincided with major economic reforms, including the restructuring of state enterprises and policies designed to accelerate Malaysia’s development into a modern industrial economy.

Daim was also known for his role during periods of economic difficulty, particularly in helping stabilize the financial system and advising the government on economic strategy.

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Ops Godfather: MACC Traces Tun Daim’s Overseas Assets Worth Billions Of Ringgit
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