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BNM to provide information to Royal Commission on forex losses

22 Juin 2017

Kuala Lumpur: A Royal Commission of Inquiry (RCI) will be convened to investigate the billions of foreign exchange losses allegedly incurred by Bank Negara Malaysia almost three decades ago.

The statement said the task force found a prima facie case on the losses to merit in-depth investigations and for misleading the Cabinet and Parliament.

Among those who appeared before the task force were Nor Mohamed Yakcop, the man who resigned from BNM after the forex losses became public, former finance minister Anwar Ibrahim and ex-opposition leader Lim Kit Siang.

Mahathir was the prime minister when the alleged scandal took place.

"The rules of natural justice that include the right to be heard must be given to them", he said.

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In a statement today, Bank Negara said it would provide information to the RCI as required by the law.

The Prime Minister's Office had, on Wednesday, announced that it would form an RCI to investigate the billions of ringgit in forex market losses by BNM, after receiving a report by the special task force that was formed to probe the scandal.

It said the RCI "is aimed at safeguarding public interest and to identify the actual losses caused by the foreign exchange transactions involving the national reserves".

It was established to make a preliminary finding on allegations that the central bank had incurred forex losses of at least US$10 billion (about RM44 billion) between 1991 and 1993.

BNM to provide information to Royal Commission on forex losses