Najib questions inaction over RCI’s findings on forex losses

Former prime minister Najib Razak says there should be a probe as not a sen of the RM33 billion that disappeared has been returned.

PETALING JAYA: Former prime minister Najib Razak has questioned the authorities’ inaction following a royal commission of inquiry (RCI)’s report into Bank Negara Malaysia’s (BNM) foreign exchange losses in the 1990s.

Najib said the RCI was the highest investigating body in the country and that the recommendations put forth by the commission should be adhered to.

“The recommendations of the report for the forex scandal, where RM33 billion (which is equivalent to the value of RM100 billion now) of the people’s money disappeared, were for the police to investigate misuse of power and misconduct.

“Until now, not a sen of the RM33 billion that disappeared has been returned,” he said in a Facebook post today.

In its 400-page report, the commission blamed former BNM adviser Nor Mohamed Yakcop for the loss of RM31.5 billion which was borne by the central bank in its forex dealings between 1992 and 1994.

It also recommended the police investigate Prime Minister Dr Mahathir Mohamad and PKR president Anwar Ibrahim (who was the finance minister then), BNM’s board of directors, the National Audit Department and the finance ministry.

De facto law minister Liew Vui Keong said in July last year that the police report based on the forex RCI had been classified as “no further action” due to a lack of documentary evidence of the alleged misconduct well over 25 years ago.

The original complainant had also retracted the police report, which was lodged on Nov 30, 2017, added Liew in a parliamentary reply.

Najib highlighted not one person had been charged or made responsible for the loss of the funds or for hiding the matter from public knowledge despite the RCI’s recommendations.

“Can the recommendations made by the commission be brushed aside just like that by classifying the case as ‘no further action’?” he asked.