But would you trust him with RM5 billion of your hard-earned pension funds... after he made RM30 billion disappear into thin air?
Like his former boss Daim Zainuddin, he stays clear of the spotlight, preferring to work quietly behind the scenes. As Mahathir's financial advisor in the 1980s Nor Mohamed Yakcop was implicated in a series of colossal disasters and largely responsible for the shocking loss of RM30 billion of the rakyat's money in forex speculation that ended in abysmal failure. Instead of losing his job, he gets promoted to Second Finance Minister. Only in Bolehland!
It now transpires that Daim Zainuddin, then finance minister, had in 1992 authorized Nor Mohamed Yakcop to gamble with our money in the forex casino, with the acquiescence of Bank Negara governor Jaffar Hussein and prime minister Mahathir Mohamed. They probably agreed to split the profits, if any - but any losses incurred would be quietly foisted on the public. Nice guys, huh?
From Malaysiakini (Vox Populi | 26 July 2008): "Recent developments have shown that Second Finance Minister Nor Mohamed Yakcop indeed played a pivotal role in Bank Negara's forex scandal between 1992 to 1994. It would now be embarrassing to Pak Lah's administration if he continues to serve as Malaysia's second finance minister after being responsible for such a colossal loss of up to RM30 billion of the people's money. The most honourable thing for him to do would be to step down and come clean on the enormous forex losses as a result of speculation in the international currency markets in the 90s."
The forex scandal is ‘plunder’ of the highest order. Pak Lah must not close one eye to this gross offence of misappropriation of funds, which had allegedly occurred. Pak Lah who serves under the BN government must carry through his pledge to clean up the country. The best way to do that is to start with all the alleged abuses and misappropriation of funds over the last 20 years of the BN rule. The Sabah immigration scandal, Perwaja, MAS, Miti share allocations and the use of the people’s EPF money. Until he does this and investigate the losses, BN will forever be haunted by the ghosts of the past. The people will not rest until we see the culprits brought to justice, and if not, BN must be held responsible.
THE RM700 MILLION BANK ISLAM SCANDAL (2005)
RM30 BILLION FOREX FIASCO (1992-94)
MORE ON THE RM30 BILLION FOREX FIASCO
IT'S A MAD, MAD WORLD
[First published 14 November 2008]
Like his former boss Daim Zainuddin, he stays clear of the spotlight, preferring to work quietly behind the scenes. As Mahathir's financial advisor in the 1980s Nor Mohamed Yakcop was implicated in a series of colossal disasters and largely responsible for the shocking loss of RM30 billion of the rakyat's money in forex speculation that ended in abysmal failure. Instead of losing his job, he gets promoted to Second Finance Minister. Only in Bolehland!
It now transpires that Daim Zainuddin, then finance minister, had in 1992 authorized Nor Mohamed Yakcop to gamble with our money in the forex casino, with the acquiescence of Bank Negara governor Jaffar Hussein and prime minister Mahathir Mohamed. They probably agreed to split the profits, if any - but any losses incurred would be quietly foisted on the public. Nice guys, huh?
From Malaysiakini (Vox Populi | 26 July 2008): "Recent developments have shown that Second Finance Minister Nor Mohamed Yakcop indeed played a pivotal role in Bank Negara's forex scandal between 1992 to 1994. It would now be embarrassing to Pak Lah's administration if he continues to serve as Malaysia's second finance minister after being responsible for such a colossal loss of up to RM30 billion of the people's money. The most honourable thing for him to do would be to step down and come clean on the enormous forex losses as a result of speculation in the international currency markets in the 90s."
The forex scandal is ‘plunder’ of the highest order. Pak Lah must not close one eye to this gross offence of misappropriation of funds, which had allegedly occurred. Pak Lah who serves under the BN government must carry through his pledge to clean up the country. The best way to do that is to start with all the alleged abuses and misappropriation of funds over the last 20 years of the BN rule. The Sabah immigration scandal, Perwaja, MAS, Miti share allocations and the use of the people’s EPF money. Until he does this and investigate the losses, BN will forever be haunted by the ghosts of the past. The people will not rest until we see the culprits brought to justice, and if not, BN must be held responsible.
THE RM700 MILLION BANK ISLAM SCANDAL (2005)
RM30 BILLION FOREX FIASCO (1992-94)
MORE ON THE RM30 BILLION FOREX FIASCO
IT'S A MAD, MAD WORLD
[First published 14 November 2008]
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