KUALA LUMPUR: The Royal Commission of Inquiry (RCI) that probed into Bank Negara Malaysia's (BNM) foreign exchange (forex) losses has recommended investigation on former premier Tun Dr Mahathir Mohamad and Datuk Seri Anwar Ibrahim.
The RCI, in its 400-page report that was tabled in the Dewan Rakyat today opined that the duo had concealed facts from the Cabinet.
It also recommended for Dr Mahathir and Anwar to be investigated for criminal breach of trust and fraud.
"From the facts that the inquiry has been able to obtain, it is our opinion that there is a basis for an official police investigation into the BNM board of directors, the National Audit Department, the finance minister and prime minister for criminal breach of trust and fraud in the performing of the speculative forex transactions and in hiding the losses from the Cabinet and Parliament," the report read.
Former central bank adviser Tan Sri Nor Mohamed Yakcop was also implicated as the commission found that he was responsible for the billions of ringgit in losses incurred by the central bank.
The RCI had recommended for Nor Mohamed to be investigated for criminal breach of trust and for contravening the Central Bank Ordinance 1958.
A total of RM31.5 billion was lost by BNM as a result of forex trading from 1992 to 1994. Nor Mohamed was in charge of several portfolios in BNM at the time, including the management of external reserves.
The commission also found that former finance minister Tun Daim Zainuddin was abetting Nor Mohamed in committing criminal breach of trust. Daim was finance minister until 1991 before he was replaced by Anwar. Reports by ARFA YUNUS, VEENA BABULAL, FERNANDO FONG