Inquiry into forex losses is still relevant, say academicians
KUALA LUMPUR: The Royal Commission of Inquiry (RCI) into the losses suffered by Bank Negara Malaysia in its foreign exchange (forex) dealings is relevant today despite occurring nearly 25 years ago.
Several academicians yesterday agreed that the formation the RCI to probe into the bank’s losses would ensure that justice was served.
Associate Professor Dr Mohd Azizuddin Mohd Sani said the government made the right move to establish the RCI.
He said if the inquiry could find new evidence against those responsible for the losses, this would enable the government to bring them to justice.
He said RCI should be welcomed as the people wanted to know the truth, adding that those appointed as commissioners should be renowned for their trustworthiness and credibility to uphold justice.
On whether the RCI was politically motivated, Azizuddin said it was up to the people to form their opinions.
“But, if there is any wrongdoing, someone must be brought to justice. If there are other agendas (for the setting up of RCI), it is up to people to speculate,” said Azizuddin, who is a Universiti Utara Malaysia lecturer, to the New Straits Times.
Universiti Kebangsaan Malaysia’s Professor Datuk Dr Shamsul Amri Baharuddin said whether people perceived the RCI as a political motive was unimportant.
He said it should be noted that a prima facie case had been established for the RCI to be set up and this was legally sufficient for the inquiry to proceed.
“We have had a number of RCIs in Malaysia to know the depth and breadth of a serious challenge confronting the country and society.
Shamsul Amri said although the forex scandal happened in the 1980s and 1990s, it was still valid to be examined as massive public funds were lost.
“As for other allegations on recent losses of public funds, we have had a series of investigations and reports by the Public Accounts Committee and accounting firms.
“But, the losses suffered by Bank Negara (in forex) have never been subjected to such reviews and investigations,” he said.
As for Professor Datuk Seri Dr Mohamed Mustafa Ishak, the setting up of the RCI was good to shed more light on the case to the public and avert similar incidents from recurring.
However, he said, the government should be cautious as this may lead to other consequences.
“We are just digging up a case from the past to understand history, but we may not be able to recover anything (the lost billions).
“We (the government) need to be ready with demands from the public for a similar RCI to also probe other cases,” said Mustafa, who is a professor of politics and international studies from Universiti Utara Malaysia.