By Shazwan Mustafa Kamal
The Malaysian Insider
Nov 15, 2011
KUALA LUMPUR, Nov 15 — Tan Sri Nor Mohamed Yakcop changed his testimony today, reversing his assertion made a day earlier that Tun Dr Ling Liong Sik’s support letter in the Port Klang Free Zone (PKFZ) project amounted to a government guarantee.
The former second finance minister testified yesterday that only the Finance Ministry could issue a letter of support with the Cabinet’s approval, and that every time such a letter was issued, the government would have to bear the responsibility if anything went wrong.
Nor Yakcop also said that Dr Ling’s letter of support was actually a “guarantee letter” as it helped secure a top-tier rating for bonds raised for the construction of the scandal-hit Port Klang Free Zone (PKFZ) and was sold for a profit of RM40 million.
But the minister in the Prime Minister’s Department also stressed that the support letter from the transport minister had not received the approval of the Finance Ministry or the Cabinet. Continue reading “Minister changes testimony, says Liong Sik’s letter not government guarantee”