Singapore’s troubled LionGold banking on Daim Zainuddin’s son

April 16, 2014 Leave a comment

Troubled LionGold banking on Daim Zainuddin’s son

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Wira Dani Abdul Daim is exec deputy chairman as well as exec director of firm

ANITA GABRIEL

Mr Wira: According to LionGold, ‘Datuk Wira does not hold executive positions on other boards and will focus his efforts on LionGold’s operations. He is currently formulating his plan for LionGold.’ – PHOTO: THE STAR

BELEAGUERED gold miner LionGold made a string of announcements on Monday pertaining to board changes and its plans to raise close to $40 million through the issue of shares and bonds.

But the announcement that would have piqued curiosity was the appointment of Wira Dani Abdul Daim, the son of Malaysia’s former finance minister Daim Zainuddin, as executive director in the firm.

In early October last year, when LionGold shares were savaged, wiping out hundreds of millions in market value, the 36-year-old had had some 15 million shares in LionGold force-sold by banks.

This was somewhat perplexing from the onset, partly also because his father is still perceived to wield significant clout in Malaysian politics and holds sizeable business interests abroad.

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