Nor Mohamed Yakcop
Encyclopedia
Tan Sri
Nor Mohamed Yakcop is currently the Malaysian Minister in the Prime Minister's Department
, in charge of Economic Planning Unit. He was the prior Minister of Finance II, a post he has held since 2004 until 9 April 2009. He is a member of the Executive Committee of the National Economic Advisory Council.
, from 1968 to 2000. During his time in Bank Negara, he was responsible for the implementation of a number of major projects, including
He was also involved in a currency speculation scandal in the early 1990s, where Bank Negara lost up to RM
30 billion
.
He was the Special Economic Adviser to former Prime Minister of Malaysia
, Tun Dr. Mahathir Mohamad.
In 2002 he was appointed the director of Khazanah Nasional
. He played a major role in Government-Linked Companies (GLCs) like United Engineers Malaysia Berhad and Malaysia Airlines
. The transformation of the government-linked companies (GLCs) is another feather in his cap. Following the Asian financial crisis, many of the GLCs were mired in debt and rudderless. In retrospect, his solution to their problems was simple.
First, he restored their balance sheets using the Government’s sovereign guarantee when necessary as this guarantee cut down their cost of funds. Then he got young, bright professionals to manage these GLCs, giving them wide latitude to run these huge corporations but with the proviso that they did not line their own pockets. To ensure that they delivered, he introduced key performance indicators and service contracts. The GLC transformation is now into its third phase – and delivering results.
He was a member of the Dewan Negara
, the upper house of the Parliament of Malaysia
, for two terms before stepping down to run for the Tasek Gelugor
parliamentary constituency in Penang
in the Malaysian elections on March 8, 2008.
and had served as a prefect during his student days.
He is married to Puan Sri Fawziah Begum Abu Bakar, a former welfare officer and has natural people skills. He has three grandchildren.
|+ Parliament of Malaysia
: Tasek Gelugor
, Penang
!|Year
!
!|Barisan Nasional
!|Votes
!|Pct
!
!|Opposition
!|Votes
!|Pct
|-
|2008
|
| | (UMNO)
| align="right" |20,448
| |55%
|
| |Ismail Salleh (PAS)
| align="right" |15,901
| |43%
Malay titles
The Malay language has a complex system of titles and honorifics, which are still used extensively in Malaysia and Brunei. Singapore, whose Malay royalty was abolished by the British colonial government in 1891, has adopted civic titles for its leaders....
Nor Mohamed Yakcop is currently the Malaysian Minister in the Prime Minister's Department
Prime Minister's Department
The Prime Minister's Department is a federal government ministry in Malaysia. It is headed by the Prime Minister of Malaysia followed by other ministers in the Prime Minister's Department. The Department consists of the Prime Minister's Office, the Deputy Prime Minister's Office and more than 50...
, in charge of Economic Planning Unit. He was the prior Minister of Finance II, a post he has held since 2004 until 9 April 2009. He is a member of the Executive Committee of the National Economic Advisory Council.
Career
Previously, he served with Bank Negara, the Malaysian central bankCentral bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, from 1968 to 2000. During his time in Bank Negara, he was responsible for the implementation of a number of major projects, including
- the implementation of Islamic bankingIslamic bankingIslamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
in Malaysia - the setting-up of the bilateral payments mechanism between Bank Negara Malaysia and Central Banks of South-South countries
- the setting-up of the Rating Agency Malaysia Berhad.
He was also involved in a currency speculation scandal in the early 1990s, where Bank Negara lost up to RM
Ringgit
Ringgit mostly refers to the Malaysian ringgit, which is the local currency in Malaysia, but it can also refer to the Brunei dollar or Singapore dollar in the Malay language. The word ringgit was originally used to refer to the serrated edges of Spanish silver dollars widely circulated in the area...
30 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
.
He was the Special Economic Adviser to former Prime Minister of Malaysia
Prime Minister of Malaysia
The Prime Minister of Malaysia is the indirectly elected head of government of Malaysia. He is officially appointed by the Yang di-Pertuan Agong, the head of state, who in HM's judgment is likely to command the confidence of the majority of the members of that House of Representatives , the...
, Tun Dr. Mahathir Mohamad.
In 2002 he was appointed the director of Khazanah Nasional
Khazanah Nasional
Khazanah Nasional Berhad is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the government and to undertake strategic investments. Khazanah was incorporated under the Companies Act 1965 on 3 September 1993 as a public limited company...
. He played a major role in Government-Linked Companies (GLCs) like United Engineers Malaysia Berhad and Malaysia Airlines
Malaysia Airlines
Malaysian Airline System Berhad , DBA Malaysia Airlines , is the government-owned flag carrier of Malaysia. Malaysia Airlines operates flights from its home base, Kuala Lumpur International Airport, and its eastern hub in Kota Kinabalu. It has its headquarters on the grounds of Sultan Abdul Aziz...
. The transformation of the government-linked companies (GLCs) is another feather in his cap. Following the Asian financial crisis, many of the GLCs were mired in debt and rudderless. In retrospect, his solution to their problems was simple.
First, he restored their balance sheets using the Government’s sovereign guarantee when necessary as this guarantee cut down their cost of funds. Then he got young, bright professionals to manage these GLCs, giving them wide latitude to run these huge corporations but with the proviso that they did not line their own pockets. To ensure that they delivered, he introduced key performance indicators and service contracts. The GLC transformation is now into its third phase – and delivering results.
He was a member of the Dewan Negara
Dewan Negara
The Dewan Negara is the upper house of the Parliament of Malaysia. The Dewan Negara consists of 70 members, of which 26 are indirectly elected by the states, with two senators for every state in the Federation, and the other 44 being appointed by the Yang di-Pertuan Agong .The Dewan Negara...
, the upper house of the Parliament of Malaysia
Parliament of Malaysia
The Parliament of Malaysia is the national legislature of Malaysia, based on the Westminster system. The bicameral parliament consists of the House of Representatives and the Senate. The King as the Head of State is the third component of Parliament....
, for two terms before stepping down to run for the Tasek Gelugor
Tasek Gelugor
Tasek Gelugor is a town that is located in North Seberang Perai, Penang, Malaysia....
parliamentary constituency in Penang
Penang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
in the Malaysian elections on March 8, 2008.
Personal history
He is a former student of St. Xavier's Institution in PenangPenang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
and had served as a prefect during his student days.
He is married to Puan Sri Fawziah Begum Abu Bakar, a former welfare officer and has natural people skills. He has three grandchildren.
Election results
{| class="wikitable" style="margin:0.5em ; font-size:95%"|+ Parliament of Malaysia
Dewan Rakyat
The Dewan Rakyat is the lower house of the Parliament of Malaysia. All bills must usually be passed by both the Dewan Rakyat and the Dewan Negara , before they are given Royal Assent by the Yang di-Pertuan Agong...
: Tasek Gelugor
Tasek Gelugor
Tasek Gelugor is a town that is located in North Seberang Perai, Penang, Malaysia....
, Penang
Penang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
!|Year
!
!|Barisan Nasional
!|Votes
!|Pct
!
!|Opposition
!|Votes
!|Pct
|-
|2008
Malaysian general election, 2008
The 12th Malaysian general election was held on March 8, 2008, in accordance with Malaysian laws for national elections, which states that a general election must be held no later than five years subsequent to the previous elections; the previous general election was held in 2004...
|
| | (UMNO)
| align="right" |20,448
| |55%
|
| |Ismail Salleh (PAS)
| align="right" |15,901
| |43%