KUALA LUMPUR, Aug 18 ― Former finance minister Tun Daim Zainuddin's son was last week made a bankrupt in Singapore over defaults close to US$1.65 million (RM4.9 million) with Maybank Kim Eng Securities, The Straits Times (ST) reported today.
Citing a statement filed with the Singapore Exchange, the Singapore daily reported that 37-year old Datuk Md Wira Dani Abdul Daim has also resigned from several high profile corporate positions he held to settle “personal affairs” after the bankruptcy order.
Md Wira reportedly stepped down as non-independent and non-executive director of LionGold Corp as well as the chairman of ISR Capital executive chairman since Monday.
ISR is a public-listed investment and advisory firm focused on the natural resources space, while LionGold deals with gold-mining.
According to the report, Maybank obtained a High Court ruling against Md Wira in March, in its bid to reclaim US$2.459 million owed by the former, reportedly from a loan to purchase LionGold shares on a leveraged account.
The stock crashed in October 2013, wiping out US$6.9 billion of the company's market value in three days, prompting an official investigation there over suspected financial irregularities as well as lawsuits by several parties.
The bank had reportedly accepted a proposed settlement by Md Wira for payment to be made in two tranches of S$1 million each between April and June, but received only S$100,000.
Daim had been a finance minister during the Mahathir administration.
