[2] Yakcop was the Special Economic Adviser to former Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad.
Yakcop restored their balance sheets using the Government's sovereign guarantee when necessary to cut down their borrowing costs.
He installed new managers in the GLCs, giving them wide latitude to run the corporations honestly.
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 8 March 2008.
He is married to Puan Sri Fawziah Begum Abu Bakar, a former welfare officer.