S N Nair said RCI chairman Mohd Sidek Hassan’s submission of the report to the king at Istana Negara yesterday was merely symbolic as the commissioners were appointed by the monarch on the advice of the government.
“It is now left to the Cabinet whether to make the report public and up to the AG to act against those implicated,” said the lawyer who has appeared for clients in two previous RCIs, including the V K Lingam video case in 2007.
Nair, however, believes the report would be made public.
He said if anyone is criminally implicated, the AG, who is also the public prosecutor, would have to direct the investigative agencies to collect further evidence.
“I doubt the RCI findings are sufficient to build a prima facie case if anyone is implicated of criminal wrongdoing.
“In a RCI, hearsay evidence is allowed but to prove a case in the court of law, the government must strictly follow the rules of evidence,” he added.
Nair said the AG could also file civil suits against those who had been negligent if the report suggested so.
“But from past experience arising from RCI reports, no one was charged or slapped with civil claims,” he said.
The 400-page report on the forex losses in the 1990s was completed within the three-month period.
Other members of the commission were High Court judge Kamaludin Md Said, Bursa Malaysia chief executive officer Tajuddin Atan, Special Task Force to facilitate Business (Pemudah) co-chairman Saw Choo Boon and Malaysian Institute of Accountants member K Puspanathan.
The commission’s terms of reference were:
-To determine whether BNM’s foreign exchange dealings which incurred losses had contravened the provisions of the Central Bank Ordinance 1958 or any other relevant laws;
-To determine whether there were elements of deliberate concealment of facts and information and misleading statements made to the cabinet, parliament and public regarding the losses incurred by BNM due to the foreign exchange dealings;
-To recommend appropriate action to be taken against parties involved directly and/or indirectly if found to have caused the losses incurred by BNM and concealed the fact and information regarding the said losses; and,
-To recommend a course of action to ensure similar events will not be repeated.
The RCI convened for eight days from Aug 21 and concluded on Sept 19 after calling 25 witnesses.
Forty-two documents were also submitted during the proceedings.
Among the witnesses were former prime minister Dr Mahathir Mohamad, former deputy prime minister Anwar Ibrahim, former BNM governor Zeti Akhtar Aziz, former BNM adviser Nor Mohamed Yakcop and former finance minister Daim Zainuddin.