Tan Sri Nor Mohamad Yakcop must come clean on the Bank Negara forex scandal

Minister in the Prime Minister’s Department Tan Sri Nor Mohamad Yakcop must come clean on the Bank Negara forex scandal and fully account for the losses of RM15.8 billion from 1992-3 but estimated to reach RM30 billion. According to the Bank Negara’S financial report, Bank Negara recorded losses of RM10.1 billion in 1992 and RM5.7 billion in 1993.

However when replying to my question in Parliament 2 weeks ago, Deputy Finance Minister Datuk Donald Lim only admitted to the RM 5.7 billion in losses in 1993. This gives rise to question about the RM10.1 billion losses in 1992 or even a total loss of up to RM30 billion as former Bank Negara senior officer Dr Rosli Yakcop who had worked under Tan Sri Nor had estimated.

Tan Sri Nor was identified as the principal forex trader for Bank Negara with huge bets of hundreds of millions of US$ at single bets. So far he has refused to explain his role or why he gambled with the nation’s treasury so recklessly in the largest financial scandal in Malaysian history.

At a time when the Malaysian government is condemning forex currency speculators like George Soros, why is the Malaysian government practicing double-standards by protecting Malaysian forex currency speculators like Tan Sri Nor Mohamad Yakcop. Worse the Malaysian government is sending the wrong message by not only failing to punish those responsible for such huge losses or demanding full accountability but even promoting forex currency speculators like Tan Sri Nor to a full Cabinet Minister.

With the coming general elections, Tan Sri Nor has to fully explain this financial scandal as public interest demands that voters be fully informed what type of person or government that they are voting for when we suffered the largest financial losses in Malaysian history. Failing to do so would show that the BN government is only giving lip service to public accountability and transparency.