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Forex losses task force to complete work in 3 months

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KUALA LUMPUR — March 14, 2017: The Special Task Force probing into Bank Negara Malaysia’s (BNM) forex losses in the 1990s aims to present its findings to the Cabinet in three months.

This will include a recommendation on whether a royal commission of inquiry should be formed to investigate the allegation in greater detail.

The Cabinet on February 22 appointed former chief secretary to the government Tan Sri Mohd. Sidek Hassan as chairman of the task force.

The terms of reference are to conduct a preliminary investigation into the losses related to its speculative foreign currency transactions.

The other members of the task force are Malaysian Anti-Corruption Commission Deputy Chief Commissioner Datuk Azam Baki, federal police Commercial Crime director Datuk Acryl Sani Abdullah Sani, Securities Commission Chairman Tan Sri Ranjit Ajit, Retirement Fund Inc. Chief Executive Officer Datuk Wan Kamaruzaman Wan Ahmad, Special Task Force to Facilitate Business co-chairman Tan Sri Saw Choo and lawyer Datuk Seri Jahaberdeen Mohamed Yunoos.

The secretary/head of the secretariat is the Datuk Dr. Yusof Ismail of the finance ministry.

In a statement today, Sidek said the terms of reference include whether there was action to cover up the losses and whether there was any act of giving misleading statements to Parliament.

The task force will also look into compliance with relevant laws, regulations and guidelines pertaining to the central bank’s roles and functions in the foreign currency transactions and whether there was any attempt to cover up the real scale of losses and any individual (s) complicit in the cover up.

As part of the investigation, the task force encourages anyone with information on these events to share at the following channels:

(a) Address:
Secretariat of Special Task Force,
Level 5, Centre Block,
Ministry of Finance Complex,
No. 5, Persiaran Perdana, Precint 2,
Federal Government Administrative Centre,
62592 Putrajaya.

(b) Email: taskforcefx@treasury.gov.my

(c) Telephone: 03-8000 8000. — Bernama

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