During his tenures from 1984 to 1991 and again from 1999 to 2001, Daim played a crucial role in guiding Malaysia through economic challenges, including recessions and the Asian financial crisis, under the leadership of former Prime Minister Mahathir Mohamad.

Mahathir expressed his sorrow over the loss, calling Daim a friend who fought alongside him for the nation’s interests.

In recent months, Daim had been in intensive care following a stroke.

He was also facing legal issues, having been charged this year for failing to disclose assets under anti-corruption laws, a part of a wider crackdown by the government led by Prime Minister Anwar Ibrahim.

Daim pleaded not guilty to these charges, which were among the highest-profile corruption investigations targeting prominent figures in the country.

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Daim, a lawyer turned businessman, had significant investments across various sectors, including banking and real estate.

His family owned the Ilham Tower in Kuala Lumpur, which was seized by anti-corruption authorities last December amid ongoing investigations linked to the Pandora Papers leak.