Malaysia seeks to freeze US$178 million in London assets tied to Daim Zainuddin’s widow

The country’s anti-corruption agency has expanded its embezzlement investigation into the late tycoon’s family, targeting UK-based assets

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Naimah Khalid, widow of former Malaysian finance minister Daim Zainuddin, speaks to the media after a court appearance in Kuala Lumpur in January last year. She was charged with failing to declare assets under the MACC Act and released on bail. Photo: EPA-EFE

Published: 8:39pm, 3 Jun 2025Updated: 3:23pm, 4 Jun 2025

Malaysia has launched efforts to freeze assets in London – including bank accounts and prime real estate valued at £132 million (US$178 million) – linked to the widow of the late tycoon Daim Zainuddin, according to anti-corruption authorities.

The process, which will ultimately need to be executed by authorities in the United Kingdom, is part of a widening embezzlement investigation into his family’s wealth.

Daim, who died in November aged 86, was a key ally of former prime minister Mahathir Mohamad and played a central role in driving Malaysia’s economic boom in the 1980s – a period critics say was marked by widespread crony capitalism that benefited Mahathir’s inner circle.

He was charged alongside his wife, Naimah Khalid, in January 2024 for failure to declare assets – allegations the couple dismissed as a politically motivated attack driven by Prime Minister Anwar Ibrahim, a long-time rival of Mahathir.

Former Malaysian finance minister Daim Zainuddin arrives at court in Kuala Lumpur on January 29, 2024, to face charges of failing to declare assets under the MACC Act. Photo: EPA-EFE

The charges against Daim were dropped following his death, but the Malaysian Anti-Corruption Commission (MACC) is continuing to investigate the assets of his widow and their sons.