Nor Mohamed Yakcop covers Mahathir’s and Daim’s backs

By MT Webmaster Last updated Jun 2, 2017

Yesterday, Nor Mohamed Yakcop, the Assistant Governor at the time of Bank Negara’s US$10 billion forex disaster, testified before the Special Task Force that has been set up to review the testimony and evidence regarding the scandal ahead of the Royal Commission of Inquiry (RCI) sitting. And what Nor Mohamed told the task force was a pack of lies.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

On 8th May 2017, Malaysia Today wrote ‘Jaffar told Ismail that Daim was the culprit behind the Forex disaster’. In that article we said:

The most interesting thing about this investigation is that finally we are being told that Tun Daim Zainuddin was the key person behind the whole disaster. The one-time Bank Negara Governor Tun Ismail Ali bumped into the one-time Bank Negara Governor Jaffar Hussein (both who died in 1998) at the airport back in the early 1990s and the former asked the latter how bad was the whole situation. Jaffar told Ismail the situation was very bad and that the instructions to play the Forex market, and then to cover up the disaster after that, actually came from Daim himself and that Mahathir was very much in the loop.

Tony Pua confirms Mahathir and Daim stole US$10 billion

The US$10 billion Forex robbery and the great cover-up

Nor Mohamed lied before the Special Task Force yesterday by putting the blame for Bank Negara’s US$10 billion losses on Jaffar and covering up Mahathir’s and Daim’s involvement

Yesterday, Nor Mohamed Yakcop, testified before the Special Task Force that has been set up to review the testimony and evidence regarding Bank Negara’s US$10 billion forex losses ahead of the Royal Commission of Inquiry (RCI) sitting. Nor Mohamed was the Bank Negara Assistant Governor at the time of the forex disaster.

It was already known back in the late 1980s that Bank Negara was the biggest forex gambler in the world. At that time Mahathir was still the Prime Minister and Daim the Finance Minister while Jaffar was Bank Negara’s Governor.

In 1991, when the matter became too hot to handle and the losses had already exceeded billions of Ringgit, Daim stepped down and the post of Finance Minister was handed over to Anwar Ibrahim. Anwar’s job was to cover up the story of Bank Negara’s huge losses and the fact and Mahathir and Daim were the cause of it.

In 1993, the stink was so bad they could no longer cover it. Lim Kit Siang raised the matter in Parliament and Anwar lied and said that the story regarding Bank Negara’s huge losses was not true.

In 1994, Kit Siang again questioned Anwar in Parliament and this time he admitted that the story was true but that it was only a small ‘paper loss’ and not as huge as reported.

Today, Anwar says the loss was actually US$10 billion and not as small as he had told Parliament in 1994 — plus it was real losses and not mere paper losses.

The three criminals behind Bank Negara’s US$10 billion forex losses

Yesterday, Nor Mohamed told the Special Task Force that it was Jaffar who authorised him to play the forex market. Nor Mohamed never mentioned the involvement of Mahathir or Daim and it was very clear he was trying to protect both his bosses. Nor Mohamed’s testimony contradicts what Jaffar told Tun Ismail 25 years or so ago.

But this is not what Kit Siang has been saying since 1993 or what Anwar has been saying since 2013. At that time both Kit Siang and Anwar implicated Mahathir and Daim and said they were behind the forex scandal while Jaffar was merely the fall guy or sacrificial lamb.

Jaffar, the fall guy for Mahathir’s and Daim’s crimes

Nor Mohamed also told the Special Task Force yesterday that US$10 billion losses gambling on the forex market can be considered ‘quite normal’ and not something that we need to be concerned about. Basically, Nor Mohamed is saying that losing money is not a crime although the losses may have been hidden from public view and were initially denied when raised in Parliament.

Nor Mohamed also told the Special Task Force that he is an old man who has served the nation for many years in various important posts. Hence he should not be made responsible or accountable for whatever crime he may have committed gambling on the forex market or the losses that the country suffered because of it.

The problem with the Special Task Force hearing is that your testimony is not taken under oath so you can say whatever you like and lie through your teeth. Even if you are caught lying nothing can be done to you. Your testimony before the RCI, though, is another matter. This testimony is taken under oath and if you lie you can be jailed.

Dr Rosli Yaakop, who was a senior manager of Bank Negara at that time, contradicts what Nor Mohamed told the Special Task Force yesterday

So, let us see whether Nor Mohamed maintains this story or he changes his story once he is called to testify before the RCI. What he told the Special Task Force yesterday was a cock-and-bull story, which contradicts what Kit Siang, Anwar and Dr Rosli Yaakop of Bank Negara have been saying for years. And if Nor Mohamed tells the RCI what he told the Special Task Force yesterday, old man or not, he might find himself in jail for perjury.