Menara Ilham seized by MACC reportedly belong to Daim

SHAH ALAM - The Menara Ilham building seized by the Malaysian Anti-Corruption Commission (MACC) on Monday is reported to belong to former Finance Minister Tun Daim Zainuddin.

Channel News Asia (CNA) reported a source close to Daim said that the confiscation was made following the former Cabinet member's alleged refusal to comply with the instructions of the enforcement agency.

According to the source, the former minister who was close ally to the former Prime Minister Tun Dr Mahathir Mohamad refused to declare his and his family's financial holdings.

The source said the action was part of an anti-money laundering investigation that began last May in relation to a corporate transaction worth RM2.3 billion in November 1997 involving Renong Bhd and United Engineers Malaysia Bhd (UEM).

However, Daim rejected the claim and insisted that he had nothing to do with the Renong-UEM agreement.

Daim said the corporate agreement that saw UEM acquired a 33 per cent interest in Renong was a corporate transaction between companies governed by management, board of directors and shareholders.

He had also asked for an extension of time to provide details of his financial holdings and asked the MACC to reveal the reasons for the property declaration petition, including the allegations that he was being investigated for wrongdoing.

It was previously reported that MACC Chief Commissioner Tan Sri Azam Baki confirmed that the commission seized the Menara Ilham building on Monday.

Previously, Menara Ilham was often associated with a corporate figure and former minister.