Ku Li tells govt to implement RCI recommendations on BNM losses

Dr Mahathir Mohamad was among those called to testify at the royal commission of inquiry into Bank Negara’s forex losses in 2017. The government is said to have lost some RM30 billion from speculative currency trading in the 1990s. (Bernama pic)

KUALA LUMPUR: Umno veteran Tengku Razaleigh Hamzah today said the government has a duty to implement recommendations by a royal commission of inquiry into losses suffered by Bank Negara Malaysia over its foreign currency dealings in the 1990s.

This comes after Putrajaya said there would be “no further action” over the findings of the inquiry, which had among others recommended Dr Mahathir Mohamad and Anwar Ibrahim to be investigated over their role in the losses.

“It’s a serious matter because the government incurred a loss of over RM30 billion due to the forex exchange dealings,” said Razaleigh, who once served as finance minister during Mahathir’s first term in power.

“We should not have been involved in the first place especially Bank Negara who was allegedly doing this,” the Gua Musang MP told reporters at the Parliament lobby.

Tengku Razaleigh Hamzah

The inquiry had found that the central bank lost RM31.5 billion in foreign exchange trading between 1992 and 1994.

It said “excessive” and “speculative” trading amounted to a criminal breach of trust under Sections 406 and 409 of the Penal Code.

Mahathir’s lawyer Hanif Khatri Abdulla had accused the RCI report of being “half-baked” for failing to include documents supplied by Mahathir during its hearing.