Ismail Sabri: RCI will reveal people behind forex losses

The formation of the Royal Commission of Inquiry (RCI) to investigate the foreign currency transaction losses by Bank Negara Malaysia (BNM) in the 1980s and 1990s will reveal the people responsible for protecting the issue, said Rural and Regional Development Minister Ismail Sabri Yaakob.

He said the RCI had the legislative powers to investigate, call on the relevant parties and obtain documents including those categorised as top secret, in conducting the probe.

According to him, the RCI formation was also a step in the right direction as the huge amount of losses exceeded the RM9 billion claim previously disclosed to the public.

"It is as if someone is trying to cover up the whole issue because the answer given in Parliament was rather confusing. If losses involving tens of billions of ringgit can be covered, someone must have directed that the case be closed.

"Surely, the public would want to know who is the person behind all this. The RCI is also an independent body appointed by the Yang di-Pertuan Agong and with its extensive power we will have the opportunity to learn the truth," he said.

Ismail Sabri, who is also Bera MP, said this at a press conference after an Aidilfitri open house at Dataran Kerayong which was attended by over 20,000 residents in Bera today.

He also denied claims that the RCI formation was politically motivated as its formation came after findings by a special task force headed by the former chief secretary to the government Sidek Hassan.

“The task force also found that an attempt was made to conceal facts on the actual losses with misleading information presented to the cabinet and parliament and there was a prima facie case to be answered by BNM,” he said.

“There is no time limit in this case. So this is the time for us to get to the truth," he added.

- Bernama