When the son of one of our most brilliant former finance ministers goes bankrupt, it says something – it rings bells and it sets off the alarm, for where does that leave the rest of us non-richies? Does this then turn the rest of us into cockroaches who have to hide out in damp, dark places and only come out when we need to?
Yes, he may have opted to be bankrupted rather than pay the millions, but it does make us wonder why the banks trusted him with so much in the first place.
Maybe he was a Cambridge graduate, but banks do not look at your academics in giving you big loans and one wonders again if those mega loans were approved because he was merely a former minister’s son?
The Star reported:
Datuk Md Wira Dani Abdul Daim, 37, was declared bankrupt last week over some $1.65mil (RM4.9mil) in debts that he owed to Maybank Kim Eng Securities. Wira Dani is the son of former finance minister Tun Daim Zainuddin,
He has stepped down as non-independent and non-executive director of LionGold Corp, said a statement filed with the Singapore Exchange, and ceased to be ISR Capital executive chairman since Monday.
Public-listed ISR is an investment and investment advisory firm focused on the natural resources space, according to its website.
Maybank secured a High Court judgment against Wira Dani in March to reclaim a debt of $2.459mil (RM7.3mil) that he owed. This is said to have been borrowed by him to buy LionGold shares on a leveraged account.
Shares in LionGold as well as Blumont Group and Asiasons Capital plunged in October 2013, slashing some $6.9bil (RM20.55bil) of their market value in three days, according to media reports. It led to an official probe on suspected irregularities.
LionGold, dealing in gold mining resources, had a $26.9mil (RM80mil) market value as of June last year, compared with $1.59bil (RM4.73bil) at its peak in August 2013. Wira Dani had agreed to pay the bank via instalments but, by August 2014, had repaid only $100,000.
Times are hard, yes, but one would think upon reading the biography of Wira Dani, he would be able to pay. After all, he has been in the corporate sector at the young age of 28, starting off by sitting on various company boards as non-executive and executive directors – from Chinese food and beverage companies to coal and gold mining companies.Bloomberg has a complete profile on him.
Also, he has lived the high lifestyle one often associates sons of Umno ministers with – and he, along with his wife Datin Sabrena Dani were a couple of times on the pages of Asia Tatler. Sabrena was also last year voted as Asia Tatlers’ Most Stylish Woman 2015, andTatler – Asian or not – does not give you that for wearing T-shirts from pasar malam.
“It comes with no surprise that her wardrobe is one that has us turning green with envy. From bags and shoes to dresses and designer jeans, every single thing in her fashion treasure trove imbues luxury at its finest,” reported Asia Tatler.
Perhaps it is not fair to drag the wife in, but one does not really know what she is employed as, and that allows us to safely assume, Wira Dani has been a generous husband.
There has been much talk of Wira Dani in the Malay blogs over the years, and according to websites, Wira Dani “is actively involved in his family’s merger and acquisitions business activities. These activities relate to power resources in the coal and oil sectors in Malaysia, Indonesia and Africa, as well as the flagship banking assets and the strategic alliances associated with it”.
Just like his wife, he too lived the high life of the rich and famous with fast boats, flashy friends and much partying, and in between all that he even took some major risks in acquiring shares in loss making companies.
Either he did not consult his father, which is unlikely, or he was advised wrongly.
Or Daim just failed to educate his son on plain economics and finances.
Either way, bankruptcy is definitely an easier way than to pay millions off.