The Royal Commission of Inquiry (RCI) has “concluded” that Bank Negara's foreign exchange (forex) losses amounted to at least RM31.5 billion between 1991 and 1994, announced the commission's chairperson Mohd Sidek Hassan.

Mohd Sidek, who heads the six-member RCI, claimed that the figure had been purportedly concealed from Bank Negara's reports.

"We have to find out who was responsible for asking it to be hidden," he said after the first day of hearing into the losses which incurred during Dr Mahathir Mohamad's tenure as prime minister.

However, Mahathir's counsel Mohamed Haniff Khatri Abdulla voiced his protest.

Speaking to reporters later, Haniff claimed that Sidek, who also headed the special task force to investigate the losses, made an "unnecessary conclusion".

"To my understanding, any findings should be made at the end of the hearing. The commission should not give a round up because the finding may differ," he added.

Earlier today, the RCI's first witness, former Bank Negara staff Abdul Aziz Abdul Manaf, told the commission that the central bank lost RM31.516 billion from 1991 to 1994.

Apart from Aziz, others who testified were former Bank Negara internal auditor Ahmad Hizzad Baharuddin and former Bank Negara assistant governor Abdul Murad Khalid.

Sidek had earlier today questioned why the RM31.5 billion loss was not reflected in any reports.

"Surely those numbers have to be reflected somewhere. (But) I couldn't see that on the balance sheet," said Sidek.

Aziz told the hearing that profit and loss were only reported to Bank Negara's board of governors.

The RCI is expected to complete its probe within three months from the date of its setting up on July 15 and thereafter submit its report to the Yang di-Pertuan Agong.

It has been tasked with determining the veracity of allegations surrounding the forex losses incurred by Bank Negara and its implications on the national economy.

It will also determine if Bank Negara's involvement in forex activities contravened the Central Bank Ordinance 1958 or other related laws.

Finally, the RCI will decide whether there were attempts to conceal facts and information regarding this as well as the issuance of statements which misled the cabinet, Parliament and public.

The forex scandal occurred during the 1980s when Mahathir was prime minister, prompting certain quarters to accuse Prime Minister Najib Abdul Razak of attempting to exact political revenge against his nemesis.

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