Forex losses probe to be completed in three months

PETALING JAYA: The special task force, in relation to Bank Negara Malaysia’s (BNM) foreign currency transactions losses in the 1990s, aims to complete the investigations and present its findings to the Cabinet in three months.

“This will include a recommendation on whether a Royal Commission of Inquiry should be formed to investigate these claims in greater detail,” special task force chairman Tan Sri Mohd Sidek Hassan said in a statement yesterday.

The task force comprises six other members, including the Malaysian AntiCorruption Commission deputy chief commissioner Datuk Azam Baki, the Royal Malaysian Police director of commercial crimes department Datuk Acryl Sani Abdullah Sani, Securities Commission Malaysia chairman Tan Sri Ranjit Ajit Singh, Kumpulan Wang Persaraan CEO Datuk Wan Kamaruzaman Wah Ahmad, Special Task Force to Facilitate Business co-chairman Tan Sri Saw Choo Boon and Jahaberdeen & Co legal partner Datuk Seri Jahaberdeen Mohamed Yunoos.

The secretary of the special task force and head of the secretariat of the special task force is Finance Ministry director of strategic investment division Datuk Dr Yusof Ismail.

The task force will look into all aspects of the case, among others, the roles and functions of BNM and/or any other body corporate or individuals in the speculative foreign currency transactions; compliance with relevant laws, regulations and guidelines pertaining to BNM’s roles and functions in the foreign currency transactions and whether there was any attempt to cover up the real scale of BNM’s losses and the individuals complicit in the cover-up.