The son of former finance minister Daim Zainuddin has been declared bankrupt after failing to repay S$1.65 million in debts that he owed to Maybank Kim Eng Securities.

Md Wira Dani Abdul Daim was made bankrupt last week, according to The Straits Times.

The daily said Maybank had secured a court ruling against Wira in March, in which he had to pay the company S$2.459 million which he owed.

Wira is said to have borrowed the sum to buy shares in gold mining resources dealer LionGold Corp, of which he was a non-independent and non-executive director.

He had initially agreed to pay back Maybank via installments, but only repaid S$100,000 by Aug 2014.

Following the court order, the bank agreed to an offer from Wira's lawyer to pay back S$1 million in two tranches within April this year and the rest by end-June.

Maybank however only received about S$835,950, triggering the bankruptcy move.

A statement filed with the Singapore Exchange, said Wira has stepped down from his position in LionGold and indicated that he intends to settle personal affairs following the court bankruptcy order, which he intends to resolve within the next 30 days.

The Straits Times said court documents showed that Wira also owned property in Singapore.