MIC Youth wants RCI on 90s forex losses


(Malaysia Outlook) – MIC Youth chief C Sivarraajh has called for a Royal Commission of Inquiry (RCI) to be formed to probe the alleged loss of billions of ringgit by Bank Negara due to speculation in the foreign exchange (forex) market in the 1990s.

According to Sivarraajh, RCI can throw light on the dark mystery that has surrounded this big scandal for so long.

“We must come clean because the people finally need to know what happened.

“RCI would peel off the layers of lies and misinformation that surround this scandal.

“We need to know what really happened in 1991 when the scandal first surfaced.

“This was one of the biggest scandals happened during former prime minister Mahathir Mohamad’s rule and now that he is out of power, it is only proper that an RCI is called.

“And Mahathir will not be able to interfere in it,” Sivarraajh said via a press statement.

Sivarraajh added by having RCI it will help to clear the mystery surrounding the forex trading losses.

Former Bank Negara assistant governor Abdul Murad Khalid also called for a RCI alleging that the central bank suffered heavy losses in 1991 which were hidden from the public eye by a cover-up ordered by the higher authorities.

Bank Negara almost went bankrupt in 1991 due to forex trading exposures amounting to US$150 billion (RM664 billion) and forex trading losses of US$30 billion.