IN the first fallout from the Bank Negara (BNM) forex loss inquiry, Nor Mohamed Yakcop has resigned as deputy chairman of sovereign wealth fund Khazanah Nasional Bhd. 

He refused to play ball and took the blame for the forex losses in the 1990s, which was the subject of the royal commission of inquiry chaired by Petronas chairman Mohd Sidek Hassan. 

Nor Mohamad was one of two BNM officials who quit to take blame for the losses in the 1990s. The other was then BNM governor Jaffar Hussein. 

In a statement today, Khazanah Nasional said Nor Mohamed today submitted his resignation, effective September 30.

It said Nor Mohamed would also vacate the post of Khazanah Research Institute chairman the same day.

“The Board of Directors accepts his decision and we wish him well,” it said.

Khazanah Nasional chairman, Prime Minister Najib Razak, thanked the deputy chairman in the statement.

“I would like to thank Tan Sri Nor Mohamed Yakcop for his contribution to Khazanah, in particular for his work on the 10-year Government-Linked Companies Transformation Programme which was led by the Putrajaya Committee on GLC High Performance,” he said.

Khazanah Nasional said Nor Mohamed was also instrumental to the success of numerous initiatives, including the revamp and transformation of Khazanah beginning in 2004, and the development of various economic corridors such as Iskandar Malaysia, Yayasan Hasanah, and Khazanah Research Institute.

It said Nor Mohamad had contributed to these initiatives and others as a Khazanah board member and in his various capacities as economic advisor to the Prime Minister (2000 to 2003), finance minister II (2004 to 2009), and minister in the Prime Minister’s Department, Economic Planning Unit (2009 to 2013).

“The management and staff of Khazanah wish to record our most sincere appreciation and gratitude for Tan Sri Nor’s sterling contributions and service to Khazanah and the nation,” it said.

The 70-year-old Nor Mohamed’s 15 years of service on the Khazanah board of directors make him the longest serving board member. He is also the only deputy chairman in Khazanah’s 23-year history. – September 19, 2017.