SINGAPORE (Feb 9): The bankruptcy order made against Md Wira Dani Abdul Daim in Aug 2016 has been annulled by the Official Assignee and last month, gazetted, according to an article by The Straits Times this morning.
Based on information extracted from the Ministry of Law’s Insolvency Office website, an annulment of the order means “it is as if the bankruptcy order was never made against the debtor”, while a discharge does not have the same effect.
Wira is the son of Malaysia’s former finance minister Daim Zainuddin. The former ISR Capital executive chairman resigned in Aug 2016 following the bankruptcy move, which was trigged by a balance of some $1.65 million owed by Wira to Maybank Kim Eng Securities.
The annulment suggests that the owed sum by Wira of $1,650,642 has since been repaid to Maybank.
The brokerage had previously loaned Wira $2,486,593 to buy shares in LionGold, one of the three companies whose share price crashed in October 2013 after a strong run-up, for which Maybank only received a repayment sum of $835,950 as last reported on Aug 18 last year.
(See also: ISR chairman Wira Dani Daim resigns following bankruptcy order)
