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Jersey is linked to the search for the hidden £523.8 million of a former finance minister

15/07/2025

It has been reported that the Malaysian Anti-Corruption Commission [MACC] has traced RM3 billion [£523.8] in assets linked to Daim across 11 countries, including £200.91 million in Jersey.

The investigation into the late TUN DAIM ZAINUDDIN, A FORMER MALAYSIAN FINANCE MINISTER:

  • Is primarily based on information from the Pandora Papers.
  • These documents revealed hidden wealth and offshore assets held by various global figures, including Daim.

Key Points:

  • Failure to Declare Assets: Daim was accused of not declaring millions of dollars’ worth of assets, including companies, properties, and luxury cars.
  • Pandora Papers: The investigation was triggered by the Pandora Papers, which exposed his offshore holdings.
  • Legal Proceedings: Daim faced charges for failing to declare 71 assets and was granted bail due to health issues.
  • Asset Seizures: The MACC has moved to seize and forfeit assets linked to Daim and his family, including significant properties like the Ilham Tower in Kuala Lumpur.

The MACC's efforts are part of a broader campaign against corruption, aiming to recover unlawfully acquired assets across multiple countries.

The MACC said:

  • That the probe is being conducted in strategic cooperation with UK enforcement bodies, including the National Crime Agency (NCA) and the International Anti-Corruption Coordination Centre (IACCC); and
  • Seizure orders obtained in the UK, Singapore, and Jersey as the anti-graft body works with international agencies to investigate extraordinary wealth tied to the former finance minister’s family and associates.

In a statement, the commission said its Special Operations Division is leading investigations and enforcement efforts focused on the seizure and forfeiture of extraordinary assets.

  • “The 11 countries involved are the United Kingdom, United States, Switzerland, Singapore, British Virgin Islands, Cayman Islands, Jersey, Italy, Japan, Indonesia, and several African nations, with assets estimated at over RM3 billion.”

In addition, the MACC filed applications to freeze assets in Singapore and Jersey at the Kuala Lumpur High Court on June 19, with hearings held on June 23 and 25.

  • The assets involved include:
    •  JERSEY
      • Four bank and investment accounts in Jersey
      • Worth RM1.15 billion is approximately £200.91 million GBP
    • SINGAPORE
      • 12 accounts in Singapore
      • Valued RM540 million is approximately £94.34 million GBP
    • UK
      • On June 3, the commission obtained a freezing order from the Kuala Lumpur High Court against seven fixed and liquid assets in the UK, worth an estimated RM758 million, £132.57 million GBP

The commission said:

  • “A Mutual Legal Assistance (MLA) application is currently being processed through the Attorney-General’s Chambers (AGC), with ongoing coordination with the IACCC to ensure enforcement actions are systematic and effective.”  


References

JERSEY CORRUPTION

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.