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PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL
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Mahathir Names Central Banker As Adviser on Financial Affairs
By LESLIE LOPEZ
Staff Reporter of THE WALL STREET JOURNAL
KUALA LUMPUR, Malaysia -- Malaysian Prime Minister Mahathir Mohamad has
appointed a senior central banker as his key adviser on financial
matters, a move some business executives close to the government say is
aimed at checking the sweeping powers of Finance Minister Tun Daim
Zainuddin.
The Prime Minister's Department said Wednesday that central-bank adviser
Datuk Nor Mohamed Yackop has been named special adviser to Dr. Mahathir.
He will counsel the premier on matters relating to the National Economic
Action Council, the government's economic planning arm.
The department gave no other details, but government officials said that
Datuk Nor Mohamed will resign from the central bank this week and assume
his duties in the newly created post on May 15.
Influential Role
"It is a very influential position and it seems clear that Mahathir
wants independent counsel on finance matters and economics," said a
senior Malaysian banker with close ties to the government. The banker
and several other business executives said Dr. Mahathir has tapped Datuk
Nor Mohamed on many occasions for economic advice over the past six
months.
For years, the influential role of advising the prime minister was
dominated by Tun Daim, Malaysia's economic czar, who also is its
treasurer of the Dr. Mahathir's ruling United Malays National
Organization.
But the two men haven't seen eye-to-eye in recent months on several
issues, including the consolidation of Malaysia's banking sector and the
slow pace of restructuring several large debt-laden companies with
strong political ties, according to people familiar with the situation.
Datuk Nor Mohamed's elevation to his new position marks a triumphant
return to the top levels of government. In 1994, Datuk Nor Mohamed was
forced to leave the central bank under a cloud of controversy.
As the third in command at the bank, Datuk Nor Mohamed was in charge of
the central bank's foreign-exchange operations when it posted a loss of
almost 16 billion ringgit ($4.21 billion), or about $6.4 billion at
then-prevailing exchange rates, on foreign-exchange trading in 1992 and
1993. The revelation of the huge losses led to the resignation of Tan
Sri Jaffar Hussein, the central-bank governor at the time, and of Datuk
Nor Mohamed.
Redeeming Himself
When the Asian currency crisis hit, Datuk Nor Mohamed returned to favor
and was regularly consulted for advice by Dr. Mahathir, who, in
September 1998, appointed him special adviser to the central bank to
oversee the implementation of Malaysia's currency controls.
The chief executive of one Malaysian commercial bank said that Datuk Nor
Mohamed redeemed himself in Dr. Mahathir's eyes.
"As far as Mahathir is concerned, Nor [Mohamed] was the only man who
strongly supported the currency controls and saw it through," he said.
"He showed the kind of loyalty and strong advice Mahathir wanted."
Datuk Nor Mohamed couldn't be reached Wednesday for comment on his new
post.
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