DO not turn the royal commission of inquiry (RCI) into a political tool to silence critics of 1Malaysia Development Bhd (1MDB), election watchdog Bersih said in reaction to the RCI report on Bank Negara Malaysia’s forex exchange losses today.

“Bersih 2.0 finds the government’s use of forex exchange losses suffered by Bank Negara Malaysia in the 1990s under the leadership of former prime minister Dr Mahathir Mohamad to be a smokescreen to hide the issue of money laundering and 1MDB.

“It is more important for the RCI to not make it into a political persecution to silence 1MDB critics,” Bersih chairperson Maria Chin Abdullah said in a statement today.Among the RCI recommendations include police investigations into Dr Mahathir, then finance minister Anwar Ibrahim, Bank Negara Malaysia and the National Audit Department.

Dr Mahathir and Anwar have been among some of the most vocal critics of 1MDB, a state investment fund that has been embroiled in controversies in recent years.

Bank Negara Malaysia fined 1MDB for financial irregularities for an undisclosed amount last year. 

The National Audit Department conducted an audit on 1MDB in 2015. The report, completed in 2016, has been classified under the Official Secrets Act.

Maria took the government to task for the double standards shown in investigations into Bank Negara Malaysia forex losses in the 1990s and investigations into 1MDB. 

“We are surprise with the speed RCI took in its investigations. Yet all investigations on 1MDB are closed despite ongoing investigations being carried out in seven other countries, of which the DOJ (the US Department of Justice) case is (but) one example,” said Maria.

She said Switzerland’s investigations of money laundering under 1MDB has resulted in the closure of three Swiss banks and confiscation of CHF104 million (RM433 million).

“The selective investigation into the billions of losses from 20 odd years ago seems to be little more than a move of the ruling coalition, Barisan National’s attempt to distract attention from the issue of corruption and money laundering related to 1MDB,” she said.

She added the RCI panel should present its findings nationwide for public scrutiny, saying: “Otherwise its integrity and public confidence will remain in question.” – November 30, 2017.