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EXHILARATED BY THE THRILL OF THE GAMBLE: FOREX LOSS ‘KING’ NOR MOHAMED TO BE GRILLED TODAY
THE man at the centre of billions in foreign exchange losses at Bank Negara two decades ago will finally lift the veil of secrecy that has enveloped the scandal.
Government sources told The Malaysian Insight that Nor Mohamed Yakcop has been asked to go before a task force investigating the case today.
A key player in the central bank’s forex department all those years ago, he will be able to answer the following questions:
* why BNM gambled aggressively in the money market?
* why and how losses were incurred?
*who were the officials in BNM and the Mahathir administration who were aware of forex trading?
*how much did BNM lose?
There has been a mountain of speculation and innuendo over the forex losses since the early 1990s, but the government refused to convene a royal commission or make public any of its findings on the case.
New life was breathed into the scandal when former assistant governor Abdul Murad Khalid claimed that the central bank racked up US$10 billion in foreign exchange losses.
His disclosure in a government-owned newspaper was soon seized upon by Umno politicians and pro-government bloggers as an indication of a cover-up by the Mahathir administration.
Their ire at former prime minister Dr Mahathir Mohamad was prompted by his frequent criticism against the Najib government for covering up the scandal at 1MDB, the government-owned sovereign wealth fund with arguably the largest debt in history.
In February, the government announced the setting up of a task force. It was given three months to find out if there was any action to cover up the losses and if any misleading statements were given to Parliament on the case.
Nor Mohamed resigned from BNM after the forex losses became public and stayed well below the radar for many years.
He returned to public service after the financial crisis in 1997 when Dr Mahathir tapped him to help draft the currency controls that were slammed globally initially, but were later accepted as a key policy move that prevented the social crisis and hardship suffered by several other Asean countries.
He served as a minister in Abdullah Badawi’s government’s before being appointed as deputy chairman of Khazanah Nasional. Berhad.
He is also known in government circles as the person who nurtured and groomed some heads of government-linked companies such as Shahril Ridza Ridzuan of the Employees Provident Fund, Abdul Rahman Ahmad of PNB, Mohd Bakke Salleh of Sime Darby, Azman Mokhtar of Khazanah Nasional and a host of other Malay corporate figures.
But the forex losses has continued to haunt him and over the years, whenever anyone brought up the case, his name cropped up inevitably.
Today will be his chance to explain what happened and to remove an episode in his life that has been like a millstone around his neck.
His friends said that the former minister is unlikely to deflect blame on anyone else. Nor is he interested in scoring political points.
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✍ Sumber Pautan : ☕ Malaysia Chronicle
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