SINGAPORE (Aug 18): ISR Capital’s executive chairman Md Wari Dani Daim has resigned from the company, following a bankruptcy order.

The 37-year-old son of Malaysia’s former finance minister Daim Zainuddin has also resigned from his non-executive, non-independent director post at another listed company, LionGold Corp.

In a filing on Tuesday announcing his resignation, LionGold explained that Wira resigned 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”.

ISR’s announcement on the same day merely stated that Wira resigned to “attend to personal matters”.

Cambridge-educated Wira was sued by Maybank Kim Eng Securities for S$2,486,593. The broker had loaned him the money to buy shares in LionGold.

LionGold was one of the companies whose share price crashed spectacularly in October 2013, following a strong run-up. Two other companies showed similar trading patterns: Blumont Group and Asiasons Capital, since renamed Attilan Group.

Various parties are since under investigation, although none have been charged.

According to a report by The Straits Times, Wira agreed to pay up via instalments, but as of August 2014, he paid just S$100,000.

Vincent Leow, partner at Allen & Gledhill, who represents Maybank Kim Eng, had reportedly made clear that bankruptcy was an option in the event of a default by Wira. The brokerage received only S$835,950, which means S$1,650,642 was still not paid. That triggered the bankruptcy move.

According to Bloomberg data, as of Aug 18, Wira owns a 2.67% stake in ISR, worth S$2.74 million; and 0.09% in LionGold, worth S$3,880.6 and also 0.13% in Magnus Energy, worth S$7,715.34.

Wira is represented by Woo Tchi Chu of Robert Wang & Woo LLP.