Daim Zainuddin’s complex legacy and the twilight of Malaysia’s old guard

With the ex-minister’s death, questions arise about the enduring impact of cronyism and the possibility of a new political era in Malaysia

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Malaysia’s then-finance minister Daim Zainuddin at an international Islamic banking summit held in Kuala Lumpur in 2001. Photo: AFP

Published: 12:00pm, 17 Nov 2024Updated: 8:38am, 18 Nov 2024

As pallbearers solemnly ascended the stairs of a Kuala Lumpur mosque on Wednesday, bearing the white casket of Daim Zainuddin, a host of politicians and business leaders gathered to pay their final respects.

Daim, a former finance minister and business tycoon who died this week at 86, was a pivotal figure in shaping modern Malaysia alongside his close ally, Mahathir Mohamad.

His death not only signifies the end of an influential chapter but also raises critical questions about the legacy of power, corruption, and resilience in Malaysian politics.

In his later years, Daim became frail, relying on a wheelchair after having a stroke. His final months were marred by corruption allegations linked to his substantial wealth – charges he denounced as politically motivated revenge orchestrated by current Prime Minister Anwar Ibrahim.

Pallbearers carry Daim’s coffin up a flight of stairs on arrival at the Federal Territories Mosque in Kuala Lumpur for funeral prayers on Wednesday. Photo: Joseph Sipalan

Together, Daim and Mahathir, whose first term as prime minister lasted from 1981 to 2003, transformed Malaysia from an agrarian society into an industrial powerhouse. Their tenure saw rapid economic growth, but it was also shadowed by accusations of corruption and cronyism.