RCI needed as forex scandal still hurting ringgit, say former BNM officials

Source: The Malay Mail Online

Bank Negara Malaysia — Picture by Yusof Mat Isa

KUALA LUMPUR, June 29 ― Repercussions from Bank Negara Malaysia’s foreign exchange over two decades ago remain until today, said two former officials in support of the Royal Commission of Inquiry (RCI) on the matter.

According to Utusan Malaysia, former BNM economic department senior manager Dr Rosli Yaakop and former assistant governor Datuk Abdul Murad Khalid both said the central bank would have more reserves to prop up the ringgit now were it not for the scandal that allegedly cost the bank US$10 billion in the 1990s.

Murad yesterday also asserted that the amount could have appreciated to RM100 billion today based on a 4-per cent annual interest rate.

“The impact from this scandal has been prolonged and can be felt until now, so it is critical that a RCI is formed. BNM had lost a chunk of its reserve due to the forex activity back then,” Rosli reportedly said. Read more

Forex scandal possibly cost Malaysia RM100b, ex-official claims

Source: The Malay Mail Online

Hasil laporan pasukan petugas khas yang dibentangkan hari ini mendapati wujudnya kes prima facie bagi kerugian BNM sekitar tahun 1980-an dan 1990-an. Gambar dipetik dari FMT News.

KUALA LUMPUR, June 28 — Malaysia’s foreign reserves could have been RM100 billion greater had Bank Negara Malaysia (BNM) not lost heavily in the currency market over two decades ago, according to Datuk Abdul Murad Khalid.

The former BNM assistant governor, whose allegations that BNM frittered away more than US$10 billion (RM42.8 billion) prompted renewed examination of the scandal this year, based this on the opportunity cost of losing the alleged amount then.

“We are losing RM4 billion in income annually because of the scandal. The total losses then were US$10 billion which is equivalent to about RM40 billion today.

“The money would have increased to US$ 26.6 billion or more than RM100 billion, if it had been kept in government savings, at a compound interest of four per cent annually,” he was quoted as saying. Read more

Bank Negara tiada kuasa bertindak ke atas 1MDB, kata Zeti

Sumber: FMT News

Bekas gabenor BNM, Zeti Akhtar Aziz berkata, siasatan kes 1MDB adalah tugas paling sukar ketika beliau mengetuai bank pusat itu. Gambar dipetik dari FMT News.

PETALING JAYA: Bank Negara Malaysia (BNM) tiada kuasa mengambil tindakan lanjut, selain mendenda “badan dan institusi kewangan berkaitan” yang melanggar peraturan berkaitan kes 1MDB.

Pengakuan itu dibuat bekas gabenor BNM, Tan Sri Dr Zeti Akhtar Aziz yang dipetik Sin Chew Daily sebagai berkata, mengendalikan kes 1MDB adalah tugas paling sukar ketika beliau mengetuai bank pusat itu.

“Walaupun pihak luar mempunyai jangkaan sangat tinggi terhadap Bank Negara, namun ia tiada kuasa untuk mendakwa.

“Bank Negara mempunyai undang-undang paling komprehensif, termasuk Akta Bank Negara Malaysia 2009 dan Akta Perkhidmatan Kewangan 2013 untuk melindungi integriti, kestabilan dan fungsi sistem kewangan sihat.

“Jadi, kami boleh keluarkan surat kompaun pentadbiran kepada badan dan institusi kewangan melanggar peraturan Bank Negara dalam kes 1MDB. Denda yang dikenakan itu mungkin yang tertinggi dalam sejarah,” katanya sambil menjelaskan keseluruhan perkara itu diselesaikan dengan bayaran denda.

Beliau berkata, objektif utama BNM dalam menangani kes 1MDB adalah memastikan integriti sistem kewangan negara. Read more

Pasukan Petugas Khas tiada niat jejas reputasi Bank Negara

Sumber: FMT News

Sidek Hassan yang mengetuai Pasukan Petugas Khas siasat kerugian forex pada 1980-an dan 1990-an mahu menutup isu itu. Gambar dipetik dari FMT News.

KUALA LUMPUR: Pasukan Petugas Khas (STF) yang dibentuk untuk menyiasat kerugian tukaran asing pada 1980-an dan 1990-an tidak berniat menjejaskan reputasi Bank Negara Malaysia, sebaliknya ia mahu menutup terus isu berkenaan.

“Saya perlu katakan BNM merupakan institusi yang bukan sahaja dihormati di Malaysia, bahkan di peringkat antarabangsa, dan ini sangat positif untuk kita.

“Bukanlah niat pasukan petugas untuk menjejaskannya, malah kami berbangga dengannya (pencapaian Bank Negara Malaysia),” kata bekas ketua setiausaha negara, Tan Sri Mohd Sidek Hassan pada temu bual bersama sekumpulan media semalam.

Beliau mengulas kenyataan bekas gabenor BNM, Tan Sri Zeti Akhtar Aziz mengenai isu itu baru-baru ini yang BNM mengambil langkah perlu dalam memastikan insiden 1980-an dan 1990-an tidak berulang. Read more

Malaysia: Forex loss probe ‘welcome’ but have one for 1MDB too – opposition

Source: Asian Correspondent

THE Malaysian government must reopen domestic investigations into the massive 1Malaysia Development Berhad (1MDB) state fund scandal to prove its latest probe involving former prime minister-turned critic Dr Mahathir Mohamad is not a “diversion”, the opposition said.

Federal Opposition Leader Dr Wan Azizah Wan Ismail said this in response to the formation of a Royal Commission of Inquiry (RCI) to look into billions of ringgit in losses incurred by the central Bank Negara Malaysia (BNM) via foreign exchange trading during the Dr Mahathir’s rule in the 1980s and 1990s.

“The Cabinet‘s decision to set up a RCI to investigate the foreign exchange trading loss by Bank Negara is most welcome,” the People Justice Party’s (PKR) president told a press conference on Thursday, as quoted by Free Malaysia Today. Dr Wan Azizah is also the wife of Anwar Ibrahim, the opposition leader currently in jail for sodomy who is still seen as a major threat to the ruling United Malays National Organisation (Umno).

“Based on the same principle, I demand a RCI be set up to investigate allegations by the DoJ (US Department of Justice) concerning the 1MDB scandal.” Read more

Wan Azizah: Now let’s have RCI on DoJ allegations

Source: FMT News

Opposition leader Dr Wan Azizah Wan Ismail says government should now agree to form a RCI to probe 1MDB in a bid to prove the RCI on forex losses is not intended as a diversion. Pic taken from FMT News.

PETALING JAYA: Following the government’s announcement of a Royal Commission of Inquiry (RCI) into the massive foreign exchange (forex) loss decades ago, the opposition today demanded a similar RCI to look into allegations by the United States Department of Justice (DoJ) that billions had been stolen from 1MDB.

“The Cabinet‘s decision to set up a RCI to investigate the foreign exchange trading loss by Bank Negara is most welcome,” said Opposition Leader and PKR president Dr Wan Azizah Wan Ismail.

“Based on the same principle, I demand a RCI be set up to investigate allegations by the DoJ concerning the 1MDB scandal,” she said at a media conference at the PKR headquarters.

The Cabinet yesterday announced the establishment of the RCI to investigate the central bank’s forex loss in the 1980s and 1990s, a period coinciding with the premiership of Dr Mahathir Mohamad. Read more

Kabinet setuju tubuh RCI siasat kerugian forex BNM

Sumber: FMT News

Hasil laporan pasukan petugas khas yang dibentangkan hari ini mendapati wujudnya kes prima facie bagi kerugian BNM sekitar tahun 1980-an dan 1990-an. Gambar dipetik dari FMT News.

PETALING JAYA: Kabinet hari ini bersetuju dengan syor pasukan petugas khas (PPK) yang mengesyorkan terdapat keperluan menubuhkan Suruhanjaya Siasatan Diraja (RCI) bagi membolehkan siasatan mengenai kerugian Bank Negara Malaysia (BNM) sekitar tahun 1980-an dan 1990-an.

Pejabat Perdana Menteri (PMO) berkata hasil laporan PPK yang dibentangkan hari ini mendapati wujudnya kes prima facie bagi kerugian BNM akibat dagangan mata wang asing dalam tempoh tersebut.

“Penubuhan RCI ini akan membolehkan siasatan terperinci yang lebih menyeluruh dapat dilakukan berdasarkan lunas-lunas perundangan dan dilindungi di bawah Akta 119.

“Penubuhan RCI ini juga adalah bertujuan untuk menjaga kepentingan awam di mana kerugian sebenar BNM akibat urus niaga mata wang asing melibatkan rizab negara dapat dipastikan. Read more