Not true that no one suffered from forex losses, says Suaram

(FMT) – Suara Rakyat Malaysia (Suaram) adviser Kua Kia Soong today dismissed the notion that “nobody suffered” as a result of the RM31.5 billion Bank Negara Malaysia (BNM) forex losses in the 1990s.

Although he did not name anyone, Kua said he found it disturbing that some leaders and politicians had excused the losses by saying no one suffered because of them.

“I am not sure if people know what RM30 billion is. I don’t know whether people know how many schools there are in this country.

“There are over 10,000 schools in Malaysia. Supposing a school costs at least RM10 million to build, with RM30 billion we could build 3,000 schools,” he said in his opening remarks at the launch of Suaram’s Human Rights 2017 report overview today.

Kua said the Royal Commission of Inquiry (RCI) into the forex losses was a good start.

He added however that Malaysians now expected all cases of misgovernment, including the current 1MDB scandal, to be accorded a RCI, not just the forex losses.

The five-man RCI, chaired by Mohd Sidek Hassan, in its report made public last week, concluded that there were elements of hidden facts and information relating to the forex losses suffered by BNM, and misleading statements given to the cabinet, Parliament and the public.

The report said BNM suffered a total loss of RM31.5 billion between 1992 and 1994.

The commission proposed that the police open investigations into possible criminal breach of trust or cheating by various parties, including Dr Mahathir Mohamad and Anwar Ibrahim, who were prime minister and finance minister at the time.

Special mention was made of ex-BNM adviser Nor Mohamed Yakcop, whom the report said was “principally liable for criminal breach of trust”.

Daim Zainuddin, who was finance minister from 1984 to 1991, was also said to have aided and abetted Nor Mohamed.