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RCI report on forex losses to be given to King tomorrow

 | October 12, 2017

Royal Commission of Inquiry expected to submit findings on Bank Negara Malaysia's trading losses in 1990s estimated at RM30 billion.

tan-sri-Mohd-Sidek-Hassan

PETALING JAYA: The Royal Commission of Inquiry (RCI) on Bank Negara Malaysia’s forex trading losses in the 1990s is expected to present its findings to the king tomorrow.

RCI chairman Mohd Sidek Hassan will submit the report at 5pm at Istana Negara, RCI secretary Yusof Ismail said in a statement.

Whether the RCI findings will be made public will be decided by the cabinet, said a chairman of a previous RCI.

The RCI held a hearing for nine days from Aug 21 to Sept 19.

The forex scandal occurred during the 1980s when Dr Mahathir Mohamad was prime minister.

A total of 25 witnesses testified in the RCI proceedings, including former opposition leader Anwar Ibrahim, who also served as finance minister under Mahathir.

The RCI has been tasked with getting to the bottom of the forex losses of US$10 billion (or about RM30 billion based on the exchange rate at the time) incurred by the central bank between 1991 and 1993.

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Najib opposed RCI on forex losses in 1993, says Mahathir


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