RCI on foreign exchange losses takes effect on July 15
PETALING JAYA: The Yang di-Pertuan Agong Sultan Muhammad V has assented to the formation of a Royal Commission of Inquiry (RCI) on the foreign exchange losses suffered by Bank Negara Malaysia (BNM) in the 1980s and 1990s.
The Prime Minister's Office (PMO) in a statement today said the RCI takes effect on July 15, under the Commissions of Enquiry Act 1950, or Act 119.
Petronas chairman Tan Sri Mohd Sidek Hassan has been named as the RCI's chairman.
The other members are High Court judge Datuk Kamaludin Md Said, Bursa Malaysia chief executive Datuk Seri Tajuddin Atan, Special Task force to Facilitate Business (Pemudah) co-chairman Tan Sri Saw Choo Boon, and Malaysian Institute of Accountants member K. Pushpanathan.
Datuk Yusof Ismail (Finance Ministry) will be the commission's secretary.
The RCI has been tasked among others to ascertain the facts and figures about the losses that may have misled the Cabinet, BNM's alleged involvement, proposed recommendations to ensure measure are taken, and complete their task within three months.
Sidek and Saw's appointments were made to preserve continuity between the special task force and the RCI.
The members were appointed based on their qualifications and experiences in matters relevant to the RCI, the statement added.