DR Mahathir Mohamad should be investigated further as he has more information on the Bank Negara Malaysia (BNM) forex transaction losses, the royal commission of inquiry (RCI) said in its report today.

“He may know more about the real losses which is not without merit,” the RCI said in relation to Dr Mahathir’s role in the forex transactions.

“Although he denied it, the commission believes a thorough investigation should be carried out to determine the level of involvement (Dr Mahathir’s) in the matter.”

The report also said BNM had lost RM31.5 billion in transactions between 1992 and 1994.

It also stated BNM’s former adviser Nor Mohamed Yackop was responsible for BNM’s forex losses.

RCI also proposed police investigate Dr Mahathir, former finance minister Anwar Ibrahim, a member of the BNM board of directors, the National Audit Department and the Ministry of Finance.

The RCI was set up to verify allegations of massive foreign currency trading losses BNM incurred in the 1990s.

Its term of reference included whether there was an attempt to conceal the losses and attempts by senior officials to fool the Cabinet, Parliament and the public.

Forty-two documents were submitted during proceedings. Twenty-five witnesses – including Dr Mahathir, Anwar, and former finance minister Daim Zainuddin, testified during the eight days of hearing. – November 30, 2017.