Nor Mohamed keeps mum over forex scandal

Ahmad Fadli KC 1:22PM Sep 26, 2012

Minister in the Prime Minister’s Department Nor Mohamed Yakcop has declined to respond to the allegation that he was responsible for the loss of RM5.7 billion by Bank Negara Malaysia (BNM) through foreign exchange trading in the early 1990s.

Met after an event organised by the Bumiputera Agenda Coordinating Unit (Teraju), the Tasek Gelugor MP said he is prepared to comment only on Budget 2013 which will be tabled this Friday.

Yesterday, Bagan MP Lim Guan Eng questioned Deputy Finance Minister Donald Lim in Parliament on why currency speculator George Soros was vilified as a rogue speculator, when Nor Mohamed, who was allegedly responsible for the forex loss of RM5.7 billion, was given a promotion.

Donald informed the Dewan Rakyat that BNM suffered total losses of RM5.7 billion, as specified in BNM’s 1993 annual report. He said that BNM ended its currency speculation activities in 1992.

However, he did not say who was responsible for the losses and the actions taken.

Quick to attack Penang

Other than Lim, opposition leader Anwar Ibrahim also questions the federal government in Parliament on the promotion, stressing that the had put an end to Bank Negara's disastrous foray into forex. 

Nor Mohamed also refused to comment when asked about former Prime Minister Dr Mahathir Mohamad's claim that American billionaire George Soros was funding local NGOs in a bid to overthrow the current government. 

He was once photographed with Soros during the latter's visit to Malaysia in 2006. 

But when it came to the topic of Penang, Nor Mohamed was a lot more forthcoming, condemning the state government for failing to present a clear economic agenda for the bumiputera. 

He said the federal government had been intervening through several agencies to resolve the problem. 

"It is clear that the DAP government in Penang don't provide a special focus for the Malays. Fortunately, the federal government is taking action," said Nor Mohamed.