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late Bank Negara governor Tan Sri Jaffar Hussein, who served from June 1985 to May 1994. Putrajaya: The first session of the Royal Inquiry Commission (. The others on the panel are High Court judge Kamaludin Md Said; Bursa Malaysia Bhd chief executive officer Tajuddin Atan; Pemudah co-chairman Saw Choo Boon; Malaysian Institute of Accountants member. Ishak is said to have known about the massive losses because he cited its seriousness in a letter dated March 31, 1993, to Anwar, which prompted the latter to see to the matter urgently. And this is despite Bank Negaras report titled The accounting treatment of losses arising from active reserve management, which was presented to the government on April 18, 2007, during former Bank Negara governor Tan Sri Zeti Akhtar Azizs tenure. The last figure, audited by the then auditor-general Tan Sri Ishak Tadin, and Bank Negaras annual report were presented to the Cabinet and later tabled in Parliament by the then finance minister Datuk Seri Anwar Ibrahim. The other commissioners were High Court judge Datuk Wira Kamaluddin Md Said, Bursa Malaysia Bhd CEO Datuk Seri Tajuddin Atan, Malaysian Productivity Corps Special Task Force to Facilitate Business co-chairman Tan Sri Saw Choo Boon and Malaysian Institute of Accountants member K Pushpanathan. He said Jaffar was engaged in currency speculation, not manipulation, but he had miscalculated the non-ratification of the Maastricht Treaty. Local and foreign media members had gathered inside and outside the courtroom as early as 8am, in the hopes of being able to speak to the. The RCI was set up upon a special task forces recommendation following former Bank Negara assistant governor Datuk Abdul Murad Khalids statement on Jan 27 that the central bank suffered losses of US10 billion in the 1990s.
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As revealed by the RCI conducting officers, Bank Negaras forex losses apparently amounted to RM12.35 billion in 1992, RM15.29 billion in 1993 and RM3.86 billion in 1994, but only RM5.7 billion was recorded as deferred expenditure in 1993. Nor Mohamed was the manager of the banking department, which was involved in forex trading then. Whereas Daim, who served as finance minister for the first time from July 1984 to March 1991, rubbished Bank Negaras forex trading as it was not a central banks role to do so, and chided it for not protecting the ringgit and reserves. High-ticket industries were being set up and US dollars were coming in, but at the time, the US dollar was weakening because there was talk of the Fortress Euro a concept that various European nations were doing well after World War. We subscribed to this view and bought European currencies, including the pound sterling, he said. Daily trades, which could amount to more than US1 billion per dealer, involved the buying and selling of the US dollar, Deutschmark, yen, pound sterling, Swiss franc and French franc. The inquiry learnt that forex trading activities were conducted in a cloak-and-dagger manner with hardly anyone, apart from the in-house dealers, banking department head and Jaffar, in the know. He said it was not known why there was a difference in the amount of losses referred to in the documents and annual report. As lawyer Datuk Gurdial Singh Nijar, who held a watching brief for Anwar, said there are huge gaps in the chain of evidence due to the absence of Jaffar and Ishak, who both served at the material time. The, rCI has three months from the date of its setting up on July 15 to complete its probe and thereafter, submit its report to the Yang di-Pertuan Agong.