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Thursday, 22 June 2017

A Royal Commission of Inquiry (RCI) will be formed to investigate Bank Negara Malaysia's (BNM) foreign exchange market losses in the 1980’s and 1990s


RCI to be formed to probe BNM forex losses

LAILI ISMAIL
New Straits TimesJune 21, 2017


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KUALA LUMPUR: A Royal Commission of Inquiry (RCI) will be formed to investigate Bank Negara Malaysia's (BNM) foreign exchange (forex) market losses in the 1980’s and 1990s.

The Prime Minister’s Office, in a statement today, said the decision to form the RCI was taken after the special task force formed to probe the scandal presented its report to the Cabinet.

“The task force found that there was a prima facie case to be answered by BNM for the losses and therefore, has recommended the formation of the RCI.

“Its formation is in line with public interest, as it will be able to determine the BNM losses, which involved national reserves,” it said.

The task force’s initial findings, read the statement, had established that the losses suffered were much more than what was reported to the Cabinet and parliament.

“The task force had also found that there had been attempts to conceal actual facts on the losses – with misleading information given to the Cabinet and parliament.

“The cabinet unanimously agreed with the task force’s recommendation, that there was a need to form the RCI… it would hopefully be able to unravel the issue which has shackled the nation for 23 years,” it added.

Previously it was reported that former Chief Secretary to the Government, Tan Sri Mohd Sidek Hassan has been appointed as the chairman of the task force which will conduct a preliminary probe into the multi-billion ringgit scandal.

Sidek was in charge of carrying out the initial investigation on BNM’s losses arising from speculation activities in forex transactions.

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