Sidek Hassan to lead Bank Negara forex task force

 |Feb 22, 2017
Mohd Sidek Hassan. - File pic credit
Mohd Sidek Hassan. – File pic credit

The Cabinet today appointed former chief secretary to the government Mohd Sidek Hassan as chairman of the Special Task Force set up to conduct a preliminary probe on Bank Negara Malaysia’s (BNM) foreign exchange losses in the 90s.

The Prime Minister’s office in a statement today said the terms of reference for the task force would be to conduct initial investigations on losses suffered by BNM as a result of speculation activities in forex transactions.

Apart from that, it would also investigate the extent of information cover-up with regards to the losses and if there were any acts of giving misleading statements on the matter in Parliament meetings.

The task force would also present follow-up actions to the government which would include the formation of a Royal Commission of Inquiry (RCI), if necessary, based on their findings.

“The specific terms of reference is important to serve as the basis for fact gathering which will include analysing all Parliament Hansard at the time, minutes of Cabinet meetings, the Auditor-General’s report, BNM documents and others,” the statement said.

The Prime Minister’s Office added that the investigation would be done in a transparent manner as well as independent and fair.

Other members of the task force would be announced later and would include those with experience and specific expertise to aid in uncovering and verifying documents to obtain the facts on the forex transactions conducted by BNM at the time.

Mohd Sidek has served in the civil service for 38 years, which included six years of serving as chief secretary to the government. – Bernama