Mohd Sidek to head Special Task Force to probe BNM's forex losses

The Cabinet has appointed former chief secretary to the government Tan Sri Mohd Sidek Hassan as chairman of the Special Task Force to carry out preliminary investigations into the losses involving foreign currency transactions by Bank Negara Malaysia (BNM) in the 1990s.

The Prime Minister's Office in a statement today, said the terms of reference of the Special Task Force were to conduct a preliminary investigation related to BNM's losses in speculative activities for foreign currency transactions.

In addition, it is also to determine the actual losses and whether there was any procedural and financial administration misconduct, and the extent of subsequent cover-ups.

The task force will then submit recommendations and suggestions to the government on further action to be taken, including the establishment of a Royal Commission of Inquiry, if necessary, based on the results of the investigation, said the statement.

"Determination of the specific terms of reference is the first step to get all the relevant facts, including the analysis of all parliamentary proceedings at the time, the minutes of the previous Cabinet meetings, Auditor-General's Report, Bank Negara Malaysia report and documents and so on," it added.

The statement said the investigations would be conducted in a transparent, free and fair manner.

Other members of the Special Task Force will be announced soon. They should be experienced, have specific expertise to help carry out findings and disclosure of documents to get the real facts related to BNM's foreign currency transactions.

Mohd Sidek was with public service for 38 years, including six years as chief secretary to the government.

He holds a Bachelor of Arts (Economics) in Public Administration from the University of Malaya and a Masters in Business Administration from New Hampshire College, United States. - BERNAMA