RCI into BNM forex losses to present report to King today

The RCI secretary in a notice released yesterday said commission chairman Tan Sri Mohd Sidek Hassan would meet the King at Istana Negara between 5pm and 6pm.

On July 15 this year, the Yang di-Pertuan Agong approved the formation of the RCI to enquire into losses incurred by Bank Negara Malaysia due to foreign exchange dealings in the 1990's based on the Commissions of Enquiry Act.

The RCI’s five-man panel headed by Mohd Sidek convened for eight days from Aug 21 and concluded on Sept 19 after calling 25 witnesses.

Among the witnesses included former prime minister Tun Dr Mahathir Mohamad, former deputy prime minister Datuk Seri Anwar Ibrahim, former BNM governor Tan Sri Dr Zeti Akhtar Aziz, former BNM adviser Tan Sri Nor Mohamed Yakcop and former finance minister Tun Daim Zainuddin.

Among the commission's five terms of reference were:

* To determine the validity of the claim that losses had been incurred by Bank Negara foreign exchange dealings in the 1990’s and its impact on the country’s economy;

* To determine whether Bank Negara foreign exchange dealings which incurred losses had contravened the provisions of the Central Bank Ordinance 1958 or any other relevant laws;

* To determine whether there were elements of deliberate concealment of facts and information and misleading statements made to the Cabinet, Parliament and public regarding the losses incurred by Bank Negara due to the foreign exchange dealings;

* To recommend appropriate action to be taken against parties involved directly and/or indirectly if found to have caused the losses incurred by Bank Negara and concealed the fact and information regarding the said losses; and,

* To recommend course of action to ensure similar events will not be repeated.

Apart from Mohd Sidek, who is also Petronas chairman, the other members of the commission were High Court judge Datuk Wira Kamaludin Md Said, Bursa Malaysia Chief Executive Officer Datuk Seri Tajuddin Atan, Co-Chairman Special Task Force to facilitate Business (Pemudah) Tan Sri Saw Choo Boon and Malaysian Institute of Accountants K. Puspanathan.

Today is the deadline for the commission to submit its report to the King.