King ac­cepts re­port on for­eign ex­change probe

The Borneo Post (Sabah) - - HOME -

KUALA LUMPUR: Yang di-Per­tuan Agong Sul­tan Muham­mad V yes­ter­day ac­cepted the Royal Com­mis­sion of In­quiry’s (RCI ) re­port on the probe into the Bank Ne­gara Malaysia’s (BNM) mas­sive 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 yes­ter­day evening.

“The com­mis­sion has pre­sented to His Majesty the re­port 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 the Is­tana Ne­gara.

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

Other mem­bers of the com­mis­sion 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 com­mis­sion’s sec­re­tary.

Mohd Sidek, who is also Petronas chair­man, said the re­port also con­tained the com­mis­sion’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 the set­ting up of 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 com­mis­sions five terms of ref­er­ence were:

* To de­ter­mine whether BNM’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 BNM 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 BNM and con­cealed the fact and in­for­ma­tion re­gard­ing the said losses; and,

* 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 BNM gov­er­nor Tan Sri Dr Zeti Akhtar Aziz, for­mer BNM ad­viser Tan Sri Nor Mo­hamed Yak­cop and for­mer fi­nance min­is­ter Tun Daim Zain­ud­din. - Ber­nama

Yang di-Per­tuan Agong Sul­tan Muham­mad V pe­rus­ing through the Royal Com­mis­sion of In­quiry (RCI ) re­port on the forex probe pre­sented by the RCI chair­man Tan Sri Mohd Sidek Hassan at the Is­tana Ne­gara yes­ter­day evening.

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