Tengku Zafrul will competently manage country's finance: Ex-minister

Abdul Wahid Omar, a former minister in the Prime Minister's Department in charge of economic planning, has described newly-appointed Finance Minister Tengku Zafrul Tengku Aziz (above) as a competent technocrat to manage the country's finance and economy.

Wahid expressed happiness in seeing the 46-year-old Tengku Zafrul being appointed to helm the Finance Ministry (MOF) and Mustapa Mohamed as the Minister in the Prime Minister's Department in charge of the economy.

"I’m glad we have a competent technocrat in Tengku Zafrul at MOF and the experienced, competent and most hardworking Minister in Datuk Seri Mustapa at the Economic Planning Unit to manage the finance and economy of the country,” he said in a statement late yesterday, in response to an article by an anonymous writer being circulated on social media questioning the appointment of Tengku Zafrul as one of Prime Minister Muhyiddin Yassin's cabinet members.

Wahid noted that Tengku Zafrul and Mustapa face a huge challenge under present circumstances with the low oil prices, Covid-19 outbreak, slowing global economy and turbulence in the financial markets.

“They have my support. To many of us non-politicians, let us all play our respective part and support Tan Sri Muhyiddin, the cabinet and the government of the day to build a better Malaysia," he said.

Wahid (above), who was Malayan Banking Bhd (Maybank) president and chief executive officer (CEO) prior to joining the Prime Minister's Department, slammed the “slanderous” article being circulated.

“Tengku Zafrul was one of my three deputies at Maybank with potential to succeed me as CEO. He was CEO of Maybank Investment Bank who, together with (current Maybank group president and CEO) Datuk Abdul Farid Alias and team, successfully built up the regional investment banking business in Maybank to be the leader it is today,” he said.

Wahid said after the board of Maybank appointed Abdul Farid as president/CEO, CIMB “poached” Tengku Zafrul, who subsequently succeeded Nazir Abdul Razak as CEO of CIMB Group Holdings Bhd.

“All bank CEOs have to pass a fit and proper test before being approved by Bank Negara Malaysia,” Abdul Wahid said, adding that Tengku Zafrul is “a good guy.”

- Bernama