(Source: www.channelnewsasia.com)

KUALA LUMPUR: The Malaysian government formally established a Royal Commission of Inquiry (RCI) on Tuesday (Jul 18) to investigate a multi-billion-dollar foreign exchange scandal involving the central bank in the 1980s and 1990s.

That was when Dr Mahathir Mohamed was prime minister.

The commission will be headed by Petronas chairman Mohd Sidek Hassan, announced the Prime Minister’s Office in a statement on Tuesday.

The commission will investigate Bank Negara’s forex activities, and whether there were any attempts to cover-up losses suffered. It will then recommend actions to be taken against those involved.

Investigations will take about three months, according to the statement.

Other members of the RCI include Bursa Malaysia CEO Tajuddin Atan, High Court Judge Wira Kamaludin Md Said, Pemudah co-chairman Saw Choo Boon and Malaysian Institute of Accountants member Pushpanathan S A Kanagarayar.

The Finance Ministry’s Secretary at the Government Investment Companies Division Yusof Ismail will act as the commission’s secretary.

The investigation comes just months after Dr Mahathir formed a new political party aimed at toppling his former protege, Prime Minister Najib Razak.

More Info: www.channelnewsasia.com