PUTRAJAYA: The Bank Negara Malaysia's (BNM) board of directors knew about the losses suffered by the central bank in the forex transaction between 1991 and 1994 amounting to RM31.516 billion. Senior financial consultant Khaw Lay Kuan, 53, told the Royal Commission Inquiry (RCI) investigating BNM's foreign exchange (forex) losses in the 1980s and 1990s that the losses suffered by BNM in forex transaction for the year 1991, 1992, 1993 and 1994 were reported and fully accounted for in BNM's reporting. Khaw who was the 10th witness said she knew about it based on the compilation that she prepared entitled Losses Arising From Active Reserve Management 1988-1994 dated April 18, 2007. Khaw added that the accounting treatments were not done to cover-up the actual losses suffered by BNM from the year 1991 to 1993. "After the report was submitted to the governor, I did not receive any feedback," she said.

Source: New Strait Times August 29, 2017 15:33 UTC