The executive deputy chairman of LionGold Corp., one of three companies being probed in Singapore after their shares plunged in October 2013, was sued to repay money borrowed to buy stock.
Datuk Wira Dani Abdul Daim owed Maybank Kim Eng Securities Pte S$2.6 million (RM7.13 million) for LionGold shares bought in a leveraged account, according to a lawsuit filed April in the Singapore High Court. The brokerage received court approval last month to serve the lawsuit on the scion of former Malaysian Finance Minister Tun Daim Zainuddin.
Shares of LionGold, Blumont Group Ltd. and Asiasons Capital Ltd. plummeted in October 2013, wiping $6.9 billion off their market value over three days. The rout prompted the Singapore authorities to investigate suspected stock-trading irregularities and lawsuits by banks and brokers seeking to recover at least $230 million. The three companies have said they aren’t aware of what caused the decline.
Maybank Kim Eng declined to comment in an e-mailed statement, citing client confidentiality. Dani didn’t reply to three e-mails or return seven phone calls seeking comment.
Dani said in a January e-mail to the brokerage unit of Malayan Banking Bhd., Malaysia’s biggest lender, that he was “determined to resolve the situation amicably.” It didn’t accept his proposal, according to court papers.
He had earlier agreed to pay the bank in installments, but only paid S$100,000 (RM274,080) in August 2014. “Cash has been tight with many investments made and unfortunately not the best of times to cash out and exit,” he said in his e-mail.
LionGold was unchanged at 2.2 Singapore cents as of 9.59am., giving it a market value of S$26.9 million (RM73.73 million). It was valued at S$1.59 billion (RM4.36 billion) at its peak in August 2013.
Singapore police said they’re working with the central bank to “expeditiously” complete the probe.
The case is Maybank Kim Eng Securities Pte. v Md Wira Dani Bin Abdul Daim, S380/2015. Singapore High Court.
Bloomberg
Thu Jun 04 2015

Dani Abdul Daim owes Maybank Kim Eng Securities Pte S$2.6 million (RM7.13 million) for LionGold shares bought in a leveraged account.

Air pollution responsible for nearly 7 million deaths annually worldwide
A report by the World Air Quality Index indicated that only 17 per cent of cities worldwide meet the recommended air quality standards.

At least 137 Gazans killed in Israeli attacks since ceasefire
According to the Euro-Mediterranean Human Rights Monitor , Israel has been killing an average of seven Palestinians every two days.

Malaysia strengthens semiconductor supply chain with ASEAN member countries - Liew
Malaysia does not intend to compete with neighbouring countries or other ASEAN member states in its efforts to strengthen supply chains.

Six men arrested for alleged misappropriation of subsidised cooking oil in Semenyih
Six men, including five foreigners in their 30s, were arrested for alleged misappropriation of subsidised cooking oil.

Hamas says new round of Gaza ceasefire talks has begun
expressing optimism that the talks could lead to "tangible progress"

Ukraine says ready to accept 30-day ceasefire with Russia
Ukraine conveyed its readiness to accept a 30-day ceasefire with Russia, as delegations from Kyiv and Washington met in Saudi Arabia.

Musk's SpaceX agrees Starlink cooperation with Airtel in India
Tech billionaire Elon Musk plans to enter the Indian internet market with his Starlink satellite system, reported German news agency dpa.

Trump announces higher steel and aluminium tariffs for Canada
US President Donald Trump plans to impose additional high tariffs on steel and aluminium imports from Canada.
![[COLUMNIST] The futility of resisting English: A barrier to national progress [COLUMNIST] The futility of resisting English: A barrier to national progress](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2025-03/81741686561_EMIR.jpg)
[COLUMNIST] The futility of resisting English: A barrier to national progress
Promoting Malay language doesn't mean disparaging or undermining other languages, we can uplift it without diminishing others.

What is driving the bloodshed in Syria?
The violence has pitted the Islamist-led government's security forces against fighters from Assad's Alawite minority.

Only seven countries met WHO air quality standards in 2024, data shows
Only Australia, New Zealand, the Bahamas, Barbados, Grenada, Estonia and Iceland made the grade, according to IQAir.

Gaza hunger crisis could return if Israeli blockade continues, UN relief agency chief says
UNRWA warns the situation in Gaza is quickly deteriorating.

What happened in Philippine drug war that led to Duterte's arrest?
Here are some facts about the drug war during Duterte's presidency from 2016 to 2022.

Soccer - Manchester United plans to build 'world's greatest stadium'
Manchester United plans to build a new 100,000-seat stadium next to the existing Old Trafford, the club announces.

Meta begins testing its first in-house AI training chip
Meta is working with Taiwan-based chip manufacturer TSMC to produce the chip, according to sources.

Russia says it wants united and 'friendly' Syria
Russia has two strategically important military bases in Syria, which it is hoping to retain in the wake of Assad's fall.

Musk says juggling DOGE and CEO jobs is difficult, as Tesla shares slump
Elon Musk says he is running his businesses "with great difficulty" while working with the Trump administration.

Philippine ex-leader Duterte long defiant on deadly drug war
Before becoming president, Rodrigo Duterte earned the nicknames "The Punisher" and "Duterte Harry" for his violent anti-drug crackdown.

Ismail Sabri probe: 36 witnesses finish giving statements to MACC, 23 others to be summoned
A MACC source said 23 other witnesses have also been identified and would be summoned to give their statements soon.

Westin Hotels marks World Sleep Day with wellness-focused offerings
With a growing demand for sleep tourism and wellness travel, Westin aims to solidify its position as a leader in holistic hospitality.