Nor Mohamed: I accepted fair share of accountability in forex losses

FOREX RCI | Former Bank Negara advisor Nor Mohamed Yakcop said he accepted his fair share of accountability over the foreign exchange (forex) losses incurred in the late 1980s and early 1990s.

Testifying before the Royal Commission of Inquiry (RCI) into the forex losses, he said he never discussed the forex transactions in the years between 1986 and 1993 with both the then finance minister Anwar Ibrahim and prime minister Dr Mahathir Mohamad.

"The forex losses occurred, there is no denying it. There is also no denying my accountability for the forex losses. I accepted my fair share of the accountability and resigned from Bank Negara.

"At that time, it appeared to be a sad end to my 25 years of service to the nation through Bank Negara," Nor Mohamed said.

During last week's RCI hearing, former Bank Negara deputy governor Lin See Yan had confirmed that Nor Mohamed was then the chief dealer in the forex transactions and had reported directly to then governor Jaffar Hussein.

Lin said he had told Jaffar that Nor Mohamed should not be allowed to deal anymore.

This came after internal investigations that showed Bank Negara to have large open forward positions in multiple currencies.

[More to follow]

-Mkini