A key witness in a very multi-billion greenback scandal involving Malaysia's financial institution within the Nineties denied on Wednesday (Sept 6) that he had in person dead any of the foreign exchange trades that resulted in huge losses.
Tan Sri Nor Mohamed Yakcop additionally told the continuing Royal Commission of Inquiry (RCI) inquisitory the central bank's losses that he couldn't recall the best forex dealing worn out on a daily basis, or a month, throughout the amount.
He was a former banking manager at Bank Negara Asian nation (BNM) United Nations agency had authority over the forex trades then, and later became its consultant.
His testimony was much-anticipated as he's seen as a former BNM business executive United Nations agency may name names and unveil a lot of details on the mercantilism losses, aforesaid by the commission to total RM31.5 billion in Nineties price. This was beyond the initial add of RM9 billion reportable by the govt. crystal rectifier by cask Mahathir Mohamad within the Nineties.
Mr Nor Mohamed, 70, was pinpointed by a minimum of one witness throughout the inquiry because the man United Nations agency musical organisation the loss-making forex trades.
Mr Nor aforesaid he had created a slip-up whereas overseeing the bank's forex traders, and failed to deny partial answerability.
"I suppose I created a slip-up," Mr Nor Mohamed aforesaid once questioned by the RCI's conducting officer.
"I was additionally terribly careful to not execute any trade unaccompanied, though I had the authority to try and do therefore," he said.
He additionally told the RCI: "I do not keep in mind concerning the profits and losses within the forex transactions from the year 1986 till 1993."
He said that in his work the financial institution within the early Nineties, he failed to report back to either minister or the prime minister. cask Daim Zainuddin was the minister between 1984 and 1991, and was replaced by Anwar Abraham. Dr Mahathir was the prime minister.
Some witnesses have said that the forex losses occurred between 1988 and 1992, with the moving of positions taking on to 1994.
Said Mr Nor Mohamed on Wednesday: "Admittedly, we have a tendency to misread the flip of the market... there'sno denying my answerability for the forex losses", adding he had resigned from BNM as a result of the forex scandal.
Last week, a former BNM forex dealer Fizaman Noor Mahound Nasir told the commission that enormous trades may solely be determined by the chief dealer or by Mr Nor Mohamed.
However, Mr Nor Mohamed, in his testimony, said: "Truthfully all forex trades were conducted by the chief dealer and dealers. What they are doing upon my instruction is steps taken in diversifying reserves from United States of America greenback to alternative foreign currencies".
Mr Nor Mohamed was in 1998 known as back to serve the govt. throughout the Asian money crisis once the Malaysian Malaysian monetary unit and alternative regional currencies came below speculative attacks. He later became the government's Special Economic consultant.
He was created a full cupboard member throughout the premierships of cask Abdullah Badawi and Datuk Seri Najib Razak.
Testifying before Mr Nor Mohamed, former BNM governor Zeti Aziz aforesaid that below her leadership, she had requested for a report on forex losses in 2007 as a part of the central bank's preparation to amend its banking law.
Based on the report, "the total losses full-fledged by Bank Negara Asian nation in its forex mercantilism for years 1988 to 1994 were RM32.074 billion when taking under consideration profits totaling RM2.473 billion in 1990," Tan Sri Zeti told the commission.
At the peak of forex mercantilism losses in 1992, Ms Zeti aforesaid then bank governor terrorist Hussein and former BNM consultant Abdul Murad Khalid had a gathering in London. She was gift within the aforesaid meeting that was additionally attended by former BNM academic department head Awang Adek Hussin.
Mr Murad had briefed Mr terrorist that BNM had "massive exposure" from forex transactions, however Ms Zeti aforesaid he failed to have details of the transactions.
Jailed opposition leader Anwar can testify on weekday (Sept 7) before the RCI.
Critics have aforesaid that the inquiry was fashioned by the administration of PM Najib to smear the name of his chief critic, ex-premier Dr Mahathir United Nations agency crystal rectifier the country at the time of the massive losses.
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