Economic trouble-shooter is back for 100 days

KUALA LUMPUR: Chief economic troubleshooter for Tun Dr Mahathir Mohamad. This is one of the “titles” the media gave to Tun Daim Zainuddin.

And he is carrying out this job for the third time.

Daim, who has been away from the public spotlight for some time, came back on the radar when he campaigned for Pakatan Harapan to topple the government of Datuk Seri Najib Tun Razak.

Right after Pakatan swept to power on May 9, Daim – who served twice as finance minister during Dr Mahathir’s previous administration from 1981 to 2003 – was tasked to lead the Council of Eminent Persons (CEP) for 100 days.

A former treasurer of Umno and Barisan Nasional, Daim earned his reputation as one of the country’s most able economic architects, having steered Malaysia through recessions and economic crises in the 1980s and 1990s.

Trained as a lawyer, he got to know prominent politicians when he represented the governor of Sarawak in the case of Stephen Kalong Ningkan.

He later ventured into business but did not do well in his first involvement in salt business. He built his fortune when he got into property development and banking.

He was roped into active politics by Dr Mahathir, a fellow Kedahan. Daim became the finance minister in 1984, and helped steer the country out of recession in late 1980s after easing foreign investment rules.

In 1994, Daim started his own banks in the Czech Republic, Hungary, Albania and Bosnia.

“I opened small banks just to help the people there. But I have sold all,” he said.

He was called back to serve the Government during the 1997-1998 financial and political crisis when Datuk Seri Anwar Ibrahim was sacked from the Cabinet and Umno. He was appointed finance minister again.

After his second retirement in 2001, the billionaire went back to the banking sector, having founded the International Commercial Bank Group.