THE Royal Commission of Inquiry into Bank Negara Malaysia’s foreign exchange losses 25 years ago goes into its eighth day of hearings today.

Ishak Tadin, the auditor-general at the time of the bank’s forex losses, is expected to testify today.

In earlier testimony by P. Kanason, who was a former director for audit at the Auditor-General’s Office, said Ishak  “blew his top” after being told by Kanason that the response from the Attorney-General’s Chambers was, “Orang atasan cakap jangan campur tangan” (The higher-ups said don’t interfere), with regards to information that the bank were engaged in aggressive forex trading.

Kanason also told the RCI that Ishak had told him in 1993 that BNM “had lost a great deal of money” but did not divulge the amount to him.

Yesterday’s hearing saw former prime minister Dr Mahathir Mohamad and former finance minister Daim Zainuddin give their testimonies. Both men said BNM had full autonomy and was not obliged to report its forex trading activities to them.

Dr Mahathir also said he was never told of RM30 billion as the amount of losses, and only knew of RM5.7 billion. – September 19, 2017.

The Malaysian Insight is reporting live on the proceedings:

11.38am: Sidek draws the hearings to a close. He announces that today is the last day of the inquiry, which has heard from 25 witnesses and studied 42 documents.

“As the chairman of the RCI, representing all of my colleagues and commissioners, I would like to express my gratitude to all parties involved, including the conducting officers, counsel, watching briefs and all witnesses.

“The RCI will take consideration of all (matters) before submitting its recommendation to the Yang Di-Pertuan Agong,” says Sidek.

The inquiry ends.

11.33am: Hearing resumes with RCI chairman Sidek saying the panel has decided to reject the request by Dr Mahathir Mohamad’s lawyers to recall former BNM assistant governor Murad to the witness stand.

“The RCI finds that it has done all it has to do with (Murad). RCI has no plans to recall Murad,” says Sidek.

Sidek will also not retract his earlier statement at the end of the first day of the RCI inquiry on August 21, when he said it could be concluded that BNM had suffered losses of RM31.5 billion.

“The RCI will make its final conclusion. During the inquiry some numbers came up, whether it differs from the first conclusion, the issue of withdrawal does not arise. We will make a final conclusion when we present the report (to the King),” he said.

The RCI will not lodge a police report against Special Affairs Department (Jasa) director-general Mohd Puad Zakarshi for prejudicial remarks against the former prime minister.

“There are many things that are said out there, in the cyber (media). We’ve never came across the comments (by Puad). They are of not relevance to us,” says Sidek.

11.12am: Panel chairman Mohd Sidek Hassan calls for a break, and asks the lawyers representing BNM, Dr Mahathir Mohamed and Anwar Ibrahim to submit their written submissions to the RCI secretariat by 5pm on Thursday.

Sidek also says the panel will consider the lawyers’ request to recall former BNM assistant governor Abdul Murad Khalid to the witness stand.

Murad had testified that BNM lost about US$10 billion (then about RM25 billion). He had also said that the former governor, the late Jaffar Hussein, was unaware of the “magnitude” of the losses.

11am: Dr Mahathir Mohamad’s lawyer, Haniff Khatri Abdullah, tells the panel that recent comments by Special Affairs Department (Jasa) director-general Mohd Puad Zakarshi are prejudicial against the former prime minister.

Haniff says a police report should be lodged against Puad, whose statements can be seen as a challenge and an insult against the RCI. Puad had accused former BNM adviser Nor Mohamed Yakcop of lying to the panel to protect Dr Mahathir.

10.55am: Conducting officer Suhaimi Ibrahim commends the RCI’s investigating officers from the police and the Ministry of Finance (MOF), but adds that there are still witnesses who cannot be traced. One of them was a chief trader who is now believed to be in Hong Kong. Suhaimi says the RCI has asked Interpol’s help to find him.

10.50am: Rizal says the panel should consider alternative options as his 85-year-old father would not be able to remember details of his work, such as letters and documents.

Anwar Ibrahim’s lawyer Gurdial Singh interjects, telling the panel that Rizal is not necessary as a witness. The panel then excuses Rizal from the stand.

10.43am: The RCI convened late today to wait for the arrival of its 25th witness, former auditor-general Ishak Tadin. However, his son Rizal Ishak is called to the stand instead. He confirms that his father served as auditor-general from 1986 to 1994.

Rizal, the second son, tells the panel that his father developed a condition in 2008 that has affected his memory.

“He has trouble recalling past events,” he said.