Dr M files suit to invalidate RCI findings

PETALING JAYA, Dec 19 — Former prime minister Tun Dr Mahathir Mohamad is seeking to declare the recent Royal Commission of Inquiry (RCI) into Bank Negara Malaysia’s (BNM) alleged foreign exchange losses from the 1990s “as not valid and unacceptable”.

The Originating Summons, filed by his lawyers at the civil division of Kuala Lumpur High Court today, claimed the RCI findings were “not valid, incomplete and flawed”.

“Materials and documentation provided during the RCI proceedings have either failed, were careless or were otherwise failed to be provided into the final report dated November 13 this year,” it said.

Seeking to shoot down the findings on technical grounds, Dr Mahathir had previously described the findings of the RCI as “politically motivated”.

Despite the former prime minister’s testimony, the panel said in its report tabled in Parliament today that Dr Mahathir may possess more information than he previously claimed to know.

Dr Mahathir was among witnesses called up by the five-member RCI during its hearings earlier this year.

He had then reiterated that he did not have direct knowledge of the trading activities by the central bank or the losses incurred thereafter.

The witnesses during the RCI did not establish if Dr Mahathir had direct knowledge regarding the forex operations and the subsequent losses, with many delegating the responsibility to the BNM top leaders at the time.

In the report, RCI also determined that the total losses incurred by BNM in the scandal stood at RM31.5 billion, a figure previously alleged by a former official from the central bank.

The suit named Prime Minister Datuk Seri Najib Razak, his Cabinet of Ministers and the government as defendants, who are named as having to bear the cost of the proceedings.

Others named in the suit were current Petronas chairman and RCI chairman Tan Sri Mohd Sidek Hassan, High Court judge Datuk Wira Kamaludin Md Said, Bursa Malaysia chief executive officer Datuk Seri Tajuddin Atan, RCI member Tan Sri Saw Choo Boon, IJM Corporation Berhad director Puspanathan Kanagarayar and Kumpulan Wang Pesaraan Investment Panel member Datuk Dr Yusof Ismail.