KINIBIZ Daim Zainuddin has seen much on his political and corporate journey. Described as shy and unambitious politically, he is said to wield considerable influence behind the scenes. But how big is his influence and how far is his reach?
In the first of a four-part series, KiniBiz examines the extent the influence of the man widely believed to be the most powerful in corporate Malaysia in his heyday.
In early January 1994, the Kuala Lumpur Stock Exchange plunged by nearly 30 percent within two days, wiping out billions of ringgit and burning countless investors. The media even posted photographers at emergency rooms in hospitals to look out for possible suicides.
What caused such a steep plunge? It was allegedly a Bernamainterview with Daim which The Star ran on Jan 11, 1994 headlined 'Daim: Get out now, don’t say we didn’t warn you'.
The then-government economic advisor was quoted as saying that the stock market boom had reached a dangerous stage and he had personally cashed out apart from several blue chip stocks - observers say it was essentially a sell call on the market.
Although the regional markets at the time were said to be due for a correction in any case, Daim’s remarks turned Malaysia’s into a rout. It was 'like the American Treasury secretary saying that he had lost faith in the dollar', wrote The Economist.
To be fair, Daim criticised the headline and the paper for irresponsible sensationalism, saying that he did not suggest that investors cash out of the market.
Critics in turn point out that his response to the incident only came 12 days after The Star report was published.
When contacted by KiniBiz, Daim declined to comment for this piece.
For the full story, go to KiniBiz.
In the first of a four-part series, KiniBiz examines the extent the influence of the man widely believed to be the most powerful in corporate Malaysia in his heyday.
In early January 1994, the Kuala Lumpur Stock Exchange plunged by nearly 30 percent within two days, wiping out billions of ringgit and burning countless investors. The media even posted photographers at emergency rooms in hospitals to look out for possible suicides.
What caused such a steep plunge? It was allegedly a Bernamainterview with Daim which The Star ran on Jan 11, 1994 headlined 'Daim: Get out now, don’t say we didn’t warn you'.
The then-government economic advisor was quoted as saying that the stock market boom had reached a dangerous stage and he had personally cashed out apart from several blue chip stocks - observers say it was essentially a sell call on the market.
Although the regional markets at the time were said to be due for a correction in any case, Daim’s remarks turned Malaysia’s into a rout. It was 'like the American Treasury secretary saying that he had lost faith in the dollar', wrote The Economist.
To be fair, Daim criticised the headline and the paper for irresponsible sensationalism, saying that he did not suggest that investors cash out of the market.
Critics in turn point out that his response to the incident only came 12 days after The Star report was published.
When contacted by KiniBiz, Daim declined to comment for this piece.
For the full story, go to KiniBiz.
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