Hornbill Unleashed

June 22, 2017

Cabinet approves royal inquiry on BNM forex losses

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

The Prime Minister's Office issued a statement today saying the Cabinet agreed on the formation of the RCI after the special taskforce on the same matter determined there was sufficient evidence to merit further investigation. — Reuters picA Royal Commission of Inquiry (RCI) will be convened to investigate the billions of foreign exchange losses allegedly incurred by Bank Negara Malaysia nearly three decades ago.

The Prime Minister’s Office issued a statement today saying the Cabinet agreed on the formation of the RCI after the special taskforce on the same matter determined there was sufficient evidence to merit further investigation.

“The formation of the RCI is also to safeguard public interest by establishing the extent to which the foreign exchange losses had affected national reserves,” the statement said.

“This is because the preliminary findings of the special task force found that the actual losses were greater than what was previously presented to former ministers and Parliament.”

The special taskforce also discovered that facts of the case had been obfuscated through the presentation of misleading information to ministers and lawmakers previously, it added.

Putrajaya formed the task force in February after former BNM assistant governor Datuk Abdul Murad Khalid claimed in an interview that the central bank racked up US$10 billion (RM42.8 billion) in foreign exchange losses during the early 1990s.

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

The PMO today also thanked former Chief Secretary to the Government Tan Sri Mohd Sidek Hassan for heading the task force that included senior officials from the Finance Ministry, Malaysian Anti-Corruption Commission, the police’s Commercial Crimes Department, the Securities Commission, and others.


Source : The Malay Mail Online


Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: