RCI into BNM forex losses in the 1990’s concludes

PUTRAJAYA: The Royal Commission of Inquiry ( RCI) proceedings into Bank Negara Malaysia ( BNM) foreign exchange losses in the 1990’s concluded yesterday, earlier than scheduled.

Chairman of the five-man tribunal, Tan Sri Mohd Sidek Hassan, instructed all parties in the proceedings to submit their respective written submissions to the RCI secretariat by 5pm on Thursday.

“The Royal Commission of Inquiry to inquire into losses incurred by BNM due to forex convened on Aug 8 at court 6 in the Palace of Justice here.

“Today (yesterday)is the last day of the RCI sitting,” he said.

The commission had earlier fixed 10 days for the proceedings and was scheduled to conclude on Thursday.

It had earlier called its last witness, Rizal Ishak, who testified that his father, former auditorgeneral Tan Sri Ishak Tadin, was unable to appear before the panel due to his health.

Mohd Sidek said the RCI had called 25 witnesses and a total of 42 documents were admitted within nine days of the inquiry.

“As chairman of the Royal Commission of Inquiry, representing all my other colleagues, I would like to express our gratitude and appreciation to all parties involved, namely the conducting officers, counsels for watching and witnesses in assisting in the RCI ,” he said.

He said the commissioners would make findings based on statements, as well as facts, and would also take into consideration all written submissions before submitting their recommendations to the Yang di-Pertuan Agong.

Apart from Mohd Sidek, who is Petronas chairman, the other members of the commission are High Court judge Datuk Wira Kamaludin Md Said, Bursa Malaysia CEO Datuk Seri Tajuddin Atan, co- chairman Special Task Force to facilitate Business ( Pemudah) Tan Sri Saw Choo Boon and Malaysian Institute of Accountants member K Puspanathan.

Former prime minister Tun Dr Mahathir Mohamad, former finance minister Datuk Seri Anwar Ibrahim, former BNM governor Tan Sri Dr Zeti Akhtar Aziz, former finance minister Tan Sri Nor Mohamed Yakcop and BNM assistant governor Datuk Abdul Murad Khalid were among the witnesses who testified at the Inquiry.

The RCI panel is required to complete its inquiry and submit its report to the Yang di-Pertuan Agong by Oct 13. Among the commission’s five terms of reference were to determine the validity of the claim that losses had been incurred by BNM foreign exchange dealings in the 1990’s and its impact on the economy of the country. — Bernama