Former PM condoned actions leading to billions in forex losses: RCI

Former PM condoned actions leading to billions in forex losses: RCI

Posted on 30 November 2017 - 03:41pm

http://m.thesundaily.my/

KUALA LUMPUR: The Royal Commission of Inquiry into Bank Negara Malaysia (BNM) foreign exchange dealings in the 1990's believes the then-prime minister had condoned the actions of the then-finance minister which led to the central bank incurring losses of RM31.5 billion.

The commission was also of the view that the then-finance minister had deliberately concealed facts and information and made misleading statements to the Cabinet on the matter.

"The commission is of the opinion that there were deliberate concealments as the Annual Reports of BNM did not state the actual losses incurred from the forex dealings from 1992-1994," the five-man commission led by former chief secretary to the government, Tan Sri Mohd Sidek Hassan said in its 524-page report tabled in Parliament today.

It said the then-prime minister was also informed by the finance minister, together with the Treasury's deputy secretary-general in late 1993 that BNM suffered estimated losses on forex dealings for 1992 and 1993 of RM30 billion.

During the periods mentioned in the report, Tun Dr Mahathir Mohamad was prime minister while Datuk Seri Anwar Ibrahim was deputy prime minister as well as finance minister.