MIC Youth wants RCI on 90s forex losses

 |Feb 7, 2017
MIC Youth chief C Sivarraajh
MIC Youth chief C Sivarraajh

MIC Youth chief C Sivarraajh has called for a Royal Commission of Inquiry (RCI) to be formed to probe the alleged loss of billions of ringgit by Bank Negara due to speculation in the foreign exchange (forex) market in the 1990s.

According to Sivarraajh, RCI can throw light on the dark mystery that has surrounded this big scandal for so long.

“We must come clean because the people finally need to know what happened.

“RCI would peel off the layers of lies and misinformation that surround this scandal.

“We need to know what really happened in 1991 when the scandal first surfaced.

“This was one of the biggest scandals happened during former prime minister Mahathir Mohamad’s rule and now that he is out of power, it is only proper that an RCI is called.

“And Mahathir will not be able to interfere in it.” Sivarraajh said via a press statement.

Sivarraajh added by having RCI it will help to clear the mystery surrounding the forex trading losses.

Former Bank Negara assistant governor Abdul Murad Khalid also called for a RCI alleging that the central bank suffered heavy losses in 1991 which were hidden from the public eye by a cover-up ordered by the higher authorities.

Bank Negara almost went bankrupt in 1991 due to forex trading exposures amounting to US$150 billion (RM664 billion) and forex trading losses of US$30 billion.

Meanwhile earlier today Mahathir said he welcomes calls for an RCI to be formed to probe the alleged loss of billions of ringgit by Bank Negara due to forex speculation.

Mahathir claimed that the issue of forex losses was raised to divert attention away from current concerns.

Don’t try to hide by referring to something that occurred 40 years ago, Mahathir said.

He was responding to Umno deputy youth chief Khairul Azwan Harun’s calls for an independent probe to investigate and confirm whether Bank Negara “went bankrupt” in 1991.

DAP adviser Lim Kit Siang denied claims that he had made a “u-turn” with regard to the forex and Bumiputera Malaysia Finance (BMF) issues.

Kit Siang said he stood by his previous calls for an RCI into the scandals.