Forex RCI: Finance minister concealed facts, PM implicated

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KUALA LUMPUR: The Royal Commission of Inquiry (RCI) into Bank Negara Malaysia’s (BNM) losses due to foreign exchange (forex) dealings in the early 1990s believes that the finance minister then had misled Cabinet.

In a 528-page report tabled in Parliament on Thursday, the RCI said it also believes that the prime minister at the time had given the green light for the finance minister’s misleading statements.

The finance minister then had “deliberately concealed facts and information and made misleading statements to the Cabinet.

“The Commission is also of the opinion that the then prime minister had condoned the actions of the Minister of Finance," said the report.

The finance minister at the time was Datuk Seri Anwar Ibrahim while the prime minister was Tun Dr Mahathir Mohamad.

The RCI also implicated Tan Sri Nor Mohamed Yakcop, who was in charge of BNM’s forex dealing operations at the time.

It said that it believes the entire incident was tantamount to a criminal breach of trust under Sections 406 and 409 of the Penal Code, and that it involved an element of cheating in violation of Sections 417 and/or 418 of the Penal Code.

BNM had incurred losses amounting to RM31.5bil due to its forex dealings between 1992 and 1994, the report confirmed.