RCI FINDINGS ON FOREX LOSSES PRESENTED TO PARLIAMENT

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After waiting for so long, the government eventually presented a report to the parliament on the findings by the Royal Commission of Inquiry (RCI) on Bank Negara Malaysia’s forex scandal. This report titled The Inquiry Commission To Investigate Foreign Currency Transaction Loss By National Bank In The 90s.As the RCI report is not listed in the Meeting Order and thus they will not be debated, Dewan Rakyat Deputy Speaker Datuk Seri Dr Ronald Kiandee confirmed that the report distributed to Members of Parliament is considered as a government official document.

In the findings of the RCI, the Commission is of the view that there is evidence from the inquiry suggesting the possibility of breach of trust on funds belonging to BNM as in the CBT or criminal breaches of trust under Section 406 and 409 of the Penal Code by individuals who are directly involved in the forex transaction, particularly Tan Sri Nor Mohamed Yakcop who is seen to have full control and responsibility in forex transactions.

However, he was unlikely to be able to execute the transactions despite being exposed to the full freedom in forex transactions during the long period without direct or indirect approval from the superiors and/or other authorized individuals who have the final say. The individuals included in this category are the deputy governors, governors, BNM board of directors, finance ministers and prime ministers at that time.

A subsequent thorough investigation is proposed for the police to conduct on CBT and thus necessary on Dr Mahathir, Anwar and Nor Mohamed Yakcop including officials, both past and present from Bank Negara Malaysia (BNM) and from the Finance Ministry. Yet, Nor Mohamed Yackop remains as the primary person of interest in the subsequent investigations.

The RCI, which was chaired by former Chief Secretary Tan Sri Mohd Sidek Hassan, convened from August to September this year and called 25 witnesses. However, RCI also determined that the total losses incurred by BNM stood at RM31.5 billion, a figure previously alleged by a former official from Bank Negara Malaysia.

Whatever happens next, we shall wait anxiously for the investigation to conclude. Let us see if this time around whether Dr Mahathir, Anwar and the cahoots will continue to deny their involvements or attempt to avoid answering. More importantly for Malaysians, they are overly eager to know the actual amount of losses if it is actually at RM31.5 billion or more. Should there be differences in the amount of the losses, where are the billions hidden now?

  • pru14.tv

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