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Task force to probe Bank Negara forex losses

Bank-Negara-Malaysia

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KUALA LUMPUR — February 15, 2017: The Cabinet today agreed to set up a special task force (STF) to investigate the losses suffered by Bank Negara due to foreign exchange trading in the 1990s.

The group will comprise representatives of government agencies, including highly respected individuals.

This task force will make recommendations and suggestions for consideration by the Cabinet for follow up action, including the setting up of a Royal Commission of Inquiry if needed, based on the outcome of the probe, said a statement from the Prime Minister’s Office.

According to the statement, the action by the government showed its commitment and transparency to ensure that Bank Negara’s dealings at the time followed the guidelines on good governance.

The government will be open and transparent regarding this probe because it involves Bank Negara and is said to be the biggest financial scandal, it said.

The setting up of this special task force is a first step to get all the facts – analyse all the Hansard details on this during Parliament, minutes of past Cabinet meetings, the Auditor-General’s reports, Bank Negara reports as well as reports by related agencies.

It is also aimed at finding out what really happened, the actual amount of losses, whether there was any financial mismanagement and whether there was any attempt by certain parties to cover up the matter to prevent Malaysians from knowing what actually happened all this while. — Bernama

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