The Royal Commission of Inquiry (RCI) tasked with investigating Bank Negara's foreign exchange (forex) losses held its first hearing yesterday.
Based on what transpired, former law minister Zaid Ibrahim claimed that the commission needed three days to wrap up its probe instead of the three-month time frame accorded.
He noted how after the first day of the hearing, the six-member RCI established that Bank Negara's forex losses amounted to RM31.5 billion between 1991 and 1994.
“Day two Tun M (former premier Dr Mahathir Mohamad) was responsible and day three, the full report can be published,” he tweeted on a sarcastic note.
“Why need three months and waste more public funds?” he added.
Yesterday, the commission's chairperson Mohd Sidek Hassan also revealed that the actual figure was concealed from Bank Negara's reports.
He said the RCI must now determine who wanted the figure hidden.
Former Bank Negara staff Abdul Aziz Abdul Manaf, who was the first witness, was quizzed on why the figure was not reflected in the reports.
He replied that profits and losses were only reported to Bank Negara's board of governors.
Meanwhile, Bank Negara's former assistant governor Abdul Murad Khalid, who also testified yesterday, told the hearing that Anwar Ibrahim, who was then finance minister, was briefed on the actual losses incurred.
Murad claimed that Anwar told him he would have to resign should the figure be made public.
The RCI is expected to complete its probe within three months from the date of its setting up on July 15 and thereafter submit its report to the Yang di-Pertuan Agong.
It has been tasked with determining the veracity of allegations surrounding the forex losses and economic implications.
It will also determine if Bank Negara's involvement in forex activities contravened the Central Bank Ordinance 1958 or other related laws.
The RCI will decide whether there were attempts to conceal facts and information regarding this as well as the issuance of statements which misled the cabinet, Parliament and public.
The commission has also been tasked with recommending actions to be taken against those directly or indirectly involved.
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
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