Who are the Malaysians exposed in the #PandoraPapers?

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The Pandora Papers? A leak of 12 million documents.

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More names: Tengku Zafrul, Zahid Hamidi and William Leong PKR MP Selayang.

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How Daim, M’sia’s uber-rich use S’pore to store money offshore

Aidila Razak & Andy Heong

Published:  Oct 4, 2021 8:53 AM⋅Updated: 9:01 AM

PANDORA PAPERS | When most boys boast ownership of gadgets and toys, Daim Zainudddin’s youngest sons became owners of a British Virgin Islands (BVI) firm by the ages of nine and 12.

Muhammed Amir Zainuddin Daim and Muhammed Amin Zainuddin Daim, born in 1995 and 1998 respectively, became shareholders of Newton Invest & Finance Limited (BVI) in 2007, which held properties in London worth £10 million at the time.

According to documents obtained by the International Consortium of Investigative Journalists (ICIJ) and sighted by Malaysiakini, they are joint shareholders with their mother, Naimah Abdul Khalid, who is the former finance minister’s third wife.

By 2017, when the brothers were in their early twenties, they were owners of several offshore firms set up in tax havens, including Splendid International Ltd (BVI) which held London properties worth £12 million (about RM65 million at 2017 exchange rates).

Newton Invest & Finance Limited (BVI) and Splendid International (BVI) were among a list of trusts and companies linked to Daim, which were incorporated in tax havens, revealed the Pandora Papers, a trove of documents obtained by the ICIJ and sighted by Malaysiakini.
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Touted as the godfather of corporate Malaysia, who wields considerable influence in the political sphere, Daim has thus far not made it into the Forbes Malaysia’s 50 richest list.

This is perhaps because his business dealings have been largely a mystery, with corporate watchers occasionally picking up on some of his holdings by keeping a watch on activities involving his close family members or known business associates.

One of those associates is Josephine Premla Sevaretnam, a former lawyer and deputy public prosecutor, who served alongside Daim in the service before holding key positions in his various ventures.

This includes the Swiss bank ICB Banking Group, which Daim owned 74.4 percent, when it was listed on the London Alternative Investment Market in 2007.
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In the Pandora Papers alone, the companies and trusts held by Daim’s children, wife or known business associates jointly held assets worth at least £25 million (about RM141 million).

When contacted, Daim said all taxes had been fully paid in every jurisdiction where he does business and where income was earned.

In the Pandora Papers alone, the companies and trusts held by Daim’s children, wife or known business associates jointly held assets worth at least £25 million (about RM141 million).

When contacted, Daim said all taxes had been fully paid in every jurisdiction where he does business and where income was earned.

https://www.malaysiakini.com/news/593919

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Other Malaysians: Westport Holdings Bhd’s G Gnanalingam and his daughter Shaline; Tiong Ik King, the brother of timber and Chinese media tycoon Tiong Hiew King.

Daim is just one of several rich and powerful Malaysians holding assets in tax havens like the BVI, Jersey (part of the Channel Islands of the British Isles) or the Cook Islands.

Others linked to offshore entities in these tax havens include Westport Holdings Bhd’s G Gnanalingam, who made it onto the Forbes billionaires list this year, with a net worth of US$1.7 billion (RM7.12 billion).

According to the Pandora Papers, Gnanalingam owns BVI firm Paisley Marketing Limited, which as of 2016 held assets worth US$2 million held by Standard Chartered Bank, Singapore.

When contacted, a representative of Westports told Malaysiakini the offshore company was legally set up using legitimate funds in 2008, to hold a life insurance policy and investments,

It was dissolved in 2020 after it was gifted to Gnanalingam’s daughter, Shaline, the representative said.

Tiong Ik King, the brother of timber and Chinese media tycoon Tiong Hiew King, is linked to the BVI-based Roxton Investments Ltd, with assets of US$20 million in 2017 (about RM86 million at exchange rates at the time).

A request for comment had been sent to Ik King.

https://www.malaysiakini.com/news/593919

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