PUTRAJAYA: The Royal Commission of Inquiry (RCI) to investigate the foreign exchange losses by Bank Negara Malaysia in the 1990s will hold its first hearing at the Court of Appeals, Palace of Justice here on Tuesday (Aug 8).

“The proceedings on this probe are open to the public,” said a notification issued by the commission’s secretary.

The RCI to probe the forex losses was set up in line with the Commission of Enquiry Act 1950 (Act 119).

The setting up of the RCI and its members received the consent of Yang di-Pertuan Agong Sultan Muhammad V.

The six-member panel is chaired by Petronas chairman Mohd Sidek Hassan.

The others on the panel are High Court judge Kamaludin Md Said; Bursa Malaysia Bhd chief executive officer Tajuddin Atan; Special Task Force to Facilitate Business (Pemudah) co-chairman Saw Choo Boon, Malaysian Institute of Accountants member K. Pushpanathan and Finance Ministry Strategic Investment Division director Dr Yusof Ismail, who is also the commission’s secretary.

The RCI’s scope of inquiry on the forex losses are:

  • determine the authenticity of the allegation on the foreign exchange losses suffered by BNM in the 1990s and its implications to the national economy.
  • determine whether BNM’s involvement in the foreign exchange activities which caused the losses contradicted the Central Bank Ordinance 1958 or any relevant laws
  • determine whether there were elements of hidden facts and information relating to foreign exchange losses suffered by BNM and misleading statements given to the cabinet, parliament and the public.
  • recommend suitable actions to be the taken against those found to be directly and/or indirectly involved in causing the losses and hiding the facts and information on the losses, and
  • recommend appropriate measures to ensure the incident will not recur.

The Prime Minister’s Office, in a statement on July 18, said the RCI would complete its probe within three months from the date of its setting up on July 15, 2017 and, thereafter, submit its report to the Yang di-Pertuan Agong. Bernama