Regardless of RCI findings, Dr M won't quit as 'top dog'

Dr Mahathir Mohamad said he would not step down as Pakatan Harapan chairperson even if the Royal Commission of Inquiry (RCI) into Bank Negra's foreign exchange losses implicated him.

"I won't accept it because it has nothing to do with my politics," he told reporters after attending the RCI hearing in Putrajaya as an observer today.

By some accounts, Bank Negara loss up to RM30 billion as a result of speculation on the foreign exchange market in the late 1980s and early 1990s. Mahathir was prime minister at the time.

While the losses were acknowledged in Parliament, no one was made to take responsibility for the incident.

When asked on the purpose of his appearance at the RCI today, Mahathir he felt compelled to observe the event because of its significance.

"It involves the image of royalty. It's linked to the position of the rulers.

"And such, a royal commission must follow rules and regulations and procedures that will not affect the image of royalty in particular the Agong.

"I feel the commission will always be mindful of that and the expectation is that they will not in any way tarnish the image of royalty because it's not a police commission," he said.

'I know quite a lot'

Mahathir said he knew "quite a lot" about the subject being probed by the RCI  and has previously offered to testify.

"We have asked (for permission) to perform watching briefs and asked to be called to give whatever we know about this case. I must admit I know quite a lot.

"Maybe this is of the interest of the commission, to know what I know," he said.

To a question on whether the forex losses were the "biggest in history", Mahathir said that at least US$10 billion was lost.

However, he quickly added that there was a recent case where "billions of dollar were stolen" but it was not getting traction with the authorities.

The RCI was set up on July 15 and is expected to wrap up by October. The RCI's task is to determine the veracity of allegations surrounding the forex losses and its implications on the national economy, among others.

Mahathir and the opposition have accused Prime Minister Najib Abdul Razak of attempting to exact political revenge against the former premier and deflect attention from 1MDB by dredging up old issues. - MKini