Royal inquiry to probe central bank's forex losses in 1990s

PETALING JAYA • The Malaysian king yesterday formally approved a Royal Commission of Inquiry to probe the foreign exchange losses suffered by the central bank in the 1990s.

The commission will be chaired by former chief secretary to the government Mohd Sidek Hassan, who previously headed a special task force formed in February to look into the losses that allegedly amounted to billions of ringgit, far more than was originally disclosed.

Tan Sri Mohd Sidek, together with five other members of the commission, will also investigate whether there were any attempts to conceal or withhold information regarding those losses with the intention to mislead the Cabinet, Parliament and the people.

The commission is expected to complete its investigation in three months.

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The forex-losses case was one of the country's largest financial scandals during the leadership of former prime minister Mahathir Mohamad.

THE STAR/ASIA NEWS NETWORK

A version of this article appeared in the print edition of The Straits Times on July 19, 2017, with the headline 'Royal inquiry to probe central bank's forex losses in 1990s'. Print Edition | Subscribe