Former Minister of Finance Tun Daim Zainuddin has been in headlines recently and not for good reasons. Unfortunately, Avillion Berhad might have just been dragged into the mess as well.
A list of Tun Daim Zainuddin’s undeclared assets was released yesterday (29th January). As it turns out, Avillion Berhad and its subsidiaries was on the list as well. Since then, the scrutiny on Tun Daim has been extended to Avillion Bhd.
On Monday, Tun Daim Zainuddin appeared in court to face charges pertaining to the disclosure of assets by the Malaysian Anti-Corruption Commission (MACC) Act. He was charged with not declaring his assets, including one Amanah Saham bank account, seven vehicles, 38 companies and 25 properties, which included Avillion Bhd, including its subsidiaries.
Avillion has notably suffered long-term losses from fiscal 2016 to 2023, with a record of RM4.76 million in net loss in fiscal 2023. Additionally, it was revealed that Tun Daim’s son, Datuk Md Wira Dani Abdul Daim was the group’s largest shareholder with a 21.82% stake via Ibu Kota Developments Sdn Bhd, which was on the undeclared assets list, and Daza Holdings Sdn Bhd.
Tun Daim’s family’s involvement in Avillion has allegedly affected its shares as Avillion opened lower this morning at 5.5 sen, falling 0.5 sen or 8.3% at the opening. Its market capitalisation stood at RM57.14 million.
Avillion Berhad’s stock performance has been declining since hitting its peak in 2011 of 78.5 sen. It’s lowest point was on 19th March 2020 at three sen, one day after the movement control order (MCO) was enforced during the Covid-19 pandemic.
Tun Daim can be punished, in accordance with Section 36(2) of the MACC Act 2009, with imprisonment not exceeding five years and a fine exceeding RM100,000 if convicted. For now, we shall simply have to wait and see what becomes of his case, and of Avillion’s association.
Sources: China Press, The Edge Malaysia (1)(2)
