BNM Forex Losses Royal Inquiry Begins Tuesday

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The Royal Commission of Inquiry (RCI) examining the central bank’s foreign exchange losses in the 1990s will convene on Tuesday.

The commission announced this yesterday while confirming the membership of its panel.

It was previously announced that former Chief Secretary Tan Sri Mohd Sidek Hassan, who headed the special task force (STF) on the scandal, would chair the commission.

Other members of the RCI include High Court judge Datuk Kamaludin Md Said, Bursa Malaysia chief executive Datuk Seri Tajuddin Atan, Special Taskforce to Facilitate Business (Pemudah) co-chairman Tan Sri Saw Choo Boon, and Malaysian Institute of Accountants member Pushpanathan SA Kanagarayar.

The proceedings will take place at the Palace of Justice in Putrajaya and is open to the public.

The RCI was announced on Jun 21 following the STF’s preliminary investigation on claims that Bank Negara Malaysia (BNM) racked up US$10 billion in foreign exchange losses during the early 1990s.

The scandal was among the biggest from Dr Mahathir Mohamad’s time as prime minister.

Mahathir had said he welcomed the RCI and was willing to be investigated over BNM’s forex losses in the 1990s.

In an interview with The Malaysian Insight yesterday, Mahathir said former BNM governor, the late Jaafar Hussein and the assistant governor at the time, Nor Mohamed Yakcop, were responsible for the forex losses.

Related reports:

Jun 29, Bank Negara’s Forex Scandal Possibly Cost Malaysia RM100B

Jun 27, Kit Siang Wants Special Task Force Report on Bank Negara’s Forex Losses Made Public