RCI FOREX : AS POLICE BEGAN TO INVESTIGATE, MAHATHIR TENSED UP

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Among the four linked responsible for Bank Negara’s massive forex lost in the 90s, Mahathir is the only one that acts to threaten to file a court action to block the circulation of the Royal Commission of Inquiry (RCI) report. Yet, RCI stressed that Nor Yakcop remained the prime person of interest as he was responsible for the day-to-day BNM forex operations.

As the police began to investigate, why is he so tensed up or are there a lot more that will be revealed when during police thorough investigation, Mahathir will not have the chance to leverage on his favourite statement – “Saya sudah lupa”? But today, it is indeed funny when he managed to produce a 495 pages report.

Meanwhile, Mahathir’s lawyer Haniff Khatri Abdulla threatened to put in a judicial review application with the intention of blocking the police investigation as long as his client’s 495 pages report are not included by RCI. The police will only conduct an investigation and not to pass any judgments. It seems that Mahathir is very very afraid to face the police.

The RCI had earlier lodged a police report to probe on whether there is criminal breach of trust, fraud and cheating were committed from their findings in the BNM Forex losses amounting to RM31.5bil between 1992 and 1994. As explained by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, RCI has no enforcement powers, hence further police investigations are necessary and recommended.

Bukit Aman’s Commercial Crime Investigation Department will be conducting the investigations based on RCI reports to parliament that the possibilities of three major findings. Dr Mahathir, who was the then prime minister had given the nod to Anwar’s misleading statements while Anwar had deliberately hidden the facts on actual losses to the Cabinet.

During the RCI investigation process, Mahathir had denied his involvement with his usual reply. “I forgot” but based on the statements of certain senior BNM officials at that time, Mahathir was fully aware of BNM’s total losses but tried to avoid with an unreasonable reply … `sometimes we make profit, sometimes we make losses’.

Given the magnitude of the losses, before anyone could agree with Mahathir’s attempt to block the police investigation on him and condemn the government’s commendable efforts, let us recall what his archenemy turned buddy has said previously;

“If Pakatan Rakyat forms the federal government in the next general election, there should be a Royal Commission of Inquiry into the RM30 billion Bank Negara forex losses scandal in 1992, as well as into all the other financial scandals during Mahathir’s 22-year premiership. Barry Wain, in his book “Malaysian Maverick”, estimates that Malaysia lost RM100 billion just in four financial scandals during Mahathir’s premiership,” said Lim Kit Siang.

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