Malaysiakini News

Will probe into forex losses be a repeat of PKFZ scandal?

Stephen Ng  |  Published:  |  Modified:

COMMENT | The Special Task Force (STF) set up by the cabinet to look into the foreign exchange losses incurred by Bank Negara Malaysia (BNM) some 30 years ago is a sheer waste of time and resources.

At best, it appears to me more like propaganda than anything else. We shall know when the report is finally made public.

In the first place, former chief secretary to the government Mohd Sidek Hassan should not have been appointed to lead the task force. He has a poor record in handling financial scandals of this nature.

When the Port Klang Free Zone (PKFZ) scandal hit the headlines, Sidek was also appointed by Prime Minister Najib Abdul Razak to head a high-powered task force to investigate the scandal and produce recommendations to improve governance and PKFZ’s management.

The task force’s investigations came to nought during his tenure, although the PricewaterhouseCoopers (PwC) audit report commissioned by then-Transport Minister Ong Tee Keat in 2009 to probe PKFZ had revealed the extent of the scandal...

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