The government has agreed to set up a task force to look into the foreign exchange (forex) losses incurred by Bank Negara Malaysia in the 1990s. The decision came following the cabinet meeting this evening.
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PMO: Task force to investigate Bank Negara's 1990s forex losses - Nation
PETALING JAYA: The Cabinet has agreed to form a task force to carry out preliminary investigations into the foreign currency losses suffered by Bank Negara Malaysia in the 1990s. This task force will analyse Parliamentary Hansards from back then, minutes of Cabinet meetings, Auditor-General reports, Bank Negara reports as well as other reports from relevant agencies. Former Bank Negara assistant governor Datuk Abdul Murad Khalid was reported to have claimed that the central bank suffered US$10bil (RM44.49bil) in forex market losses in the early 1990s, far higher than it had admitted. "The formation of this task force represents the first step in getting all the relevant facts," read a statement from the Prime Minister's Department on Wednesday. According to the statement, the task force will submit recommendations to Cabinet based on its findings, including the setting up of a Royal Commission of Inquiry if needed.
Cabinet sets up special task force to probe BNM's forex losses in 90s
KUALA LUMPUR: The Cabinet today agreed to set up a special task force (STF) to conduct a probe into the losses suffered by Bank Negara due to foreign exchange (forex) trading in the 1990s. "The government will be open and transparent regarding this probe because it involves Bank Negara Malaysia and is said to be the biggest financial scandal," it said. "This task force will make recommendations and suggestions for consideration by the Cabinet in the near future for follow up action including the setting up of a Royal Commission of Inquiry (RCI) if needed based on the outcome of the probe," the statement said. "The setting up of this special task force is a first step to get all the related facts - analyse all the Hansard details on this during Parliament sittings on the matter at the time, minutes of past Cabinet meetings, Auditor-General's reports, Bank Negara Malaysia reports as well as reports by related government agencies. The Prime Minister's Office in a statement here said the STF would be made up of representatives of various government agencies including highly respected individuals who were experts in certain fields.
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