Agong accepts report on Bank Negara forex probe

  • Nation
  • Friday, 13 Oct 2017

The central bank said yesterday the reserves position was sufficient to finance 7.3 months of retained imports and it was 1.2 times total short-term external debt.

KUALA LUMPUR: The Yang di-Pertuan Agong Sultan Muhammad V has accepted the Royal Commission of Inquiry's (RCI) report on the probe into the Bank Negara Malaysia's foreign exchange (forex) losses in the 1990s.

The 400-page report was presented to His Majesty by the RCI chairman Tan Sri Mohd Sidek Hassan at the Istana Negara Friday evening.

"The RCI has presented the report to His Majesty which was prepared over the past three months.

"His Majesty will later take it to the attention of the Government. I have also explained all the findings and it is now up to the Government to decide further action," Mohd Sidek told reporters at Istana Negara.

Earlier, Mohd Sidek, along with other members of the RCI, had an audience with Sultan Muhammad V for over an hour.

The other RCI members were High Court judge Datuk Wira Kamaludin Md Said, Bursa Malaysia Chief Executive Officer Datuk Seri Tajuddin Atan, Co-chairman Special Task Force to facilitate Business (Pemudah) Tan Sri Saw Choo Boon and Malaysian Institute of Accountants K. Puspanathan.

Finance Ministry strategic investment division secretary Datuk Dr Yusof Ismail is the RCI secretary.

Mohd Sidek, who is also Petronas chairman, said the report also contained the RCI's five terms of reference.

"It is up to the Government to whether or not make the report public," he said.

On July 17, the Yang di-Pertuan Agong consented to set up the RCI to investigate the forex losses suffered by the central bank in the 1990s according to the Commission of Inquiry Act 1950.

Among the RCI's five terms of reference were:

To determine whether Bank Negara's foreign exchange dealings which incurred losses had contravened the provisions of the Central Bank Ordinance 1958 or any other relevant laws.

To determine whether there were elements of deliberate concealment of facts and information and misleading statements made to the Cabinet, Parliament and public regarding the losses incurred by Bank Negara due to the foreign exchange dealings.

To recommend appropriate action to be taken against parties involved directly and/or indirectly if found to have caused the losses incurred by Bank Negara and concealed the fact and information regarding the said losses.

To recommend course of action to ensure similar events will not be repeated.

The RCI convened for eight days from Aug 21 and concluded on Sept 19 after calling 25 witnesses.

Among the witnesses included former prime minister Tun Dr Mahathir Mohamad, former Deputy Prime Minister Datuk Seri Anwar Ibrahim, former Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz, former Bank Negara adviser Tan Sri Nor Mohamed Yakcop and former finance minister Tun Daim Zainuddin. – Bernama

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