PUTRAJAYA: The Royal Commission of Inquiry (RCI) into Bank Negara Malaysia (BNM) foreign exchange (forex) trading losses of the 1990s has concluded today.
“Ladies and gentlemen, the RCI which was convened on August 8 2017 to probe into the forex losses of the 1990s is now concluded after the testimonies of 25 witnesses,” said RCI chairman, Tan Sri Sidek Hassan.
“During this time, we have also seen a total of 42 documents. After nine days of proceedings, as the chairman of RCI representing all my colleagues, I would like to express gratitude to all parties involved, conducting officers, watching briefs, counsels and witnesses that has testified in assisting the RCI.”
Earlier today, the five-men RCI panel heard the admission of former Auditor General (AG) Tan Sri Ishak Tadin’s second son, Rizal Ishak on his father's deteriorating mental health
Though not directly involved in the forex scandal of the 1990s, Rizal thus became the 25th and final witness to take the stand at the RCI.
“My father started having cognitive impairments sometimes in 2007, as a result, he is unable to recall memories. In fact, in his head, he is still 70 years old when he is already 85,” said Rizal.
Asked if Ishak, who was already present in the Palace of Justice, could actually testify in person - Rizal said that it would not be possible.
After further explanation from Rizal, the RCI panel, conducting officer Datuk Suhaimi Ibrahim and legal counsels representing BNM, former premier Tun Dr Mahathir Mohamad and former finance minister Datuk Seri Anwar Ibrahim were in agreement that Ishak need not be called in.
The panel did however request Rizal to produce his father's medical reports so as to formally ascertain Ishak’s true health conditions.
Ishak was the country’s AG between 1986 to 1994.
Suhaimi later told the panel that a total of three witnesses who were involved during the time of the forex losses could not be summoned up for testimony hearings before the commission.
They Assistant Commissioner of Police Rajagopal Ramadhass; BNM’s chief dealer Chua Tiong Chin and Ministry of Finance (MoF)'s Investigating Officer Muhammad Shahril Othman.
“We have information that Chua currently resides in Hong Kong and have sought assistance from Interpol to find him but to no results,” said Suhaimi.
“It is however safe to say that even if we get him here, he would have more or less said the same thing as the other dealers had.”
It was at this point that Suhaimi sought the approval of Sidek to bypass these three witnesses; to which Sidek agreed.
Sidek then told the counsels that they would have to send in their written submissions on the RCI’s term of references by 5pm on Thursday.
The were four items on the RCI terms of references. They are;
(1) The RCI would determine the veracity of the allegation surrounding the forex losses incurred by BNM and its implications on the national economy.
(2) It would also determine if the involvement of BNM in forex activities which resulted in losses contravened the Central Bank Ordinance 1958 or other related laws.
(3) The RCI would determine if there were elements to conceal facts and information regarding this as well as the issuance of statements which mislead the cabinet, parliament and public.
(4) Apart from recommending actions to be taken against those found to be involved, the RCI would also recommend steps to ensure such an incident does not recur.
The RCI was initially scheduled for 10 proceeding sessions, ending on Sept 21.
It is now expected to submit its findings to the Yang di-Pertuan Agong on Oct 13.