Umno man hails Nor Yakcop’s exit from Khazanah Nasional


PETALING JAYA: Umno supreme council member Mohd Puad Zarkashi has welcomed Nor Mohamed Yakcop’s resignation from Khazanah Nasional, describing the move as “appropriate”.

Yesterday, Nor Mohamed announced his resignation as deputy chairman of Khazanah, two weeks after he took full responsibility for the forex losses at Bank Negara Malaysia (BNM) about 25 years ago.

Speaking to FMT, Puad, who had previously criticised Nor Mohamed over the scandal, said the former BNM assistant governor had made the right decision to resign from Khazanah.

“This is about transparency and credibility because the forex losses were linked to him.”

Puad said Khazanah’s credibility could be affected if Nor Mohamed stayed on and that he had done the right thing by leaving rather than waiting for the Khazanah board to decide his fate.

“I hope his bold decision will encourage him to be more open and reveal what really happened in relation to the forex scandal which resulted in massive losses.”

Last week, Puad, in criticising Nor Mohamed, questioned if he was trying to avoid implicating Dr Mahathir Mohamad, who was prime minister then and who made him a special economic adviser in 2000, a post he held until the end of 2003.

Puad, the Special Affairs Department (Jasa) director general also said it appeared as if Nor Mohamed wanted to be the scapegoat for the scandal.

On Aug 6, Nor Mohamed told a royal commission of inquiry (RCI) that there was no denying that forex losses occurred or that he was accountable for it.

He also told the five-man tribunal that he did not discuss the forex losses, said to be in the region of RM30.5 billion, with either Mahathir or the two finance ministers during the period of 1986 and 1993.

Nor Mohamed, 70, served on the Khazanah board of directors for 15 years, and was the longest-serving board member and the only deputy chairman in Khazanah’s 23-year history.

Following his resignation yesterday, Prime Minister Najib Razak, who is Khazanah chairman, thanked Nor Mohamed for his contribution to the sovereign wealth fund, particularly his work on the 10-year transformation programme for government-linked companies (GLC), led by the Putrajaya Committee on GLC High Performance.