Inquiry begins on BNM's forex losses

PUTRAJAYA: The Royal Commission of Inquiry (RCI) investigating Bank Negara Malaysia's (BNM) foreign exchange (forex) losses in the 1980s and 1990s began its proceedings, today, with an application to recuse the commission's chairman Tan Sri Mohd Sidek Hassan and panel member Tan Sri Saw Choo Boon.
Counsel Mohamed Haniff Khatri Abdulla, who is holding a watching brief for former premier Tun Dr Mahathir Mohamad, and R. Sivarasa, for Datuk Seri Anwar Ibrahim, made the application on the grounds that both men were involved earlier in the Special Task Force to investigate the case.
However, Mohd Sidek who is chairing the five-man panel rejected the application as there was no reason to recuse themselves following their appointment by the Yang di-Pertuan Agong.
Following the dismissal of the application, Mohd Sidek proceeded with his opening statement by reading out the terms of reference, among others, determining the validity of allegations of losses from foreign exchange transactions experienced by BNM and its implications on the national economy.
He then set 10 days from Aug 21 for proceedings, which will be held at the Court of Appeal courtroom.
The RCI, chaired by Mohd Sidek, also consists of High Court judge Datuk Kamaludin Md Said, Bursa Malaysia Bhd chief executive officer Datuk Seri Tajuddin Atan, Special Task Force to facilitate Business (Pemudah) chairman Saw and former Ernst & Young partner K. Pushpanathan.