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Daim’s son resigns as Reliance Pacific executive director

by August 18, 2016 General

KUALA LUMPUR: Datuk Md Wira Dani Abdul Daim (pic), son of former Finance Minister Tun Daim Zainuddin, has resigned as executive director of Reliance Pacific Bhd effective Thursday, less than a month since his appointment.

In a filing with Bursa Malaysia on Thursday, the company said Wira Dani, who had joined the board on July 27, stepped down “following a bankruptcy case brought against him.”

On Tuesday, two Singapore-listed companies had also announced Wira Dani’s resignation from their board.

Gold mining company LionGold Corp Ltd, in a fiting with the Singapore Exchange, said he quit as its non-executive director effective Monday “to settle personal affairs following a bankruptcy order made against him by the Singapore courts, which he intends to resolve within the next 30 days.”

Wira Dani had been a director there since Sept 30 last year.

Meanwhile, ISR Capital Ltd, an investment and investment advisory firm, announced that he ceased to be its executive chairman “to attend to personal affairs.” He had held the post since April 30, 2014,

According to a Singapore Straits Times report, Wira Dani had failed to settle some S$1.65mil (RM4.9mil) in debts that he owed Maybank Kim Eng Securities.

The report said Maybank secured a High Court judgment against him in March to reclaim a debt of S$2.459mil (RM7.3mil) that he owed. “This was said to have been borrowed by him to buy LionGold shares on a leveraged account,” it added.

Wira Dani, together with Daim’s wife Toh Puan Mahani Idris, emerged as substantial shareholders of Reliance Pacific in April through their private vehicle Ibu Kota Developments Sdn Bhd, which subsequently boosted its shareholding further to 30.96%.

Reliance Pacific is involved in hotel/resort management, travel services and tours, and property development.

Reliance shares shed half a sen to close at 36.5 sen on Thursday.