Selangor ruler Sultan Sharafuddin Idris Shah has recalled how Dr Mahathir Mohamad had once claimed that it was too expensive to maintain the monarchy in Malaysia.

The ruler then went on to point out that Bank Negara's foreign exchange (forex) losses were “so much more”.

The sultan's comments come in the wake of the Royal Commission of Inquiry (RCI) report on the forex losses during the 1990s when Mahathir was prime minister.

The RCI states in its findings that RM31.5 billion was lost due to Bank Negara's "excessive" and "speculative" foreign exchange activities between 1992 and 1994.

The RCI also established that Nor Mohamed Yakcop, who was part of Bank Negara’s management at the time, was the person in charge of the forex dealing operations.

According to the commission, Mahathir and his then-deputy Anwar Ibrahim had likely abetted Nor Mohamed and hidden certain facts from the cabinet.

Meanwhile, Sultan Sharafuddin, in an exclusive interview with The Star, said Mahathir has not apologised for his “Bugis pirate” remark.

The ruler said Mahathir “never apologises” and described the nonagenarian as someone who would not permit others to do better than him.

“He (Mahathir) has an inferiority complex and a deep hatred within him,” the ruler added.

Though Mahathir was prime minister for 22 years, Sultan Sharafuddin said, he was supported by parties that stood behind him loyally.

“For Mahathir to want to destroy the foundations that supported him makes him a very dangerous man,” he added.

Mahathir had courted the wrath of both Sultan Sharafuddin and Johor ruler Sultan Ibrahim Sultan Iskandar with his “Bugis pirate” remark.

The remark also drew condemnation from various quarters, including former Indonesian law and human rights minister Hamid Awaludin.

Mahathir later claimed that his remark was aimed at Prime Minister Najib Abdul Razak, who is of Bugis descent, and not the entire community.

Sultan Sharafuddin also denied that the rulers were taking revenge on Mahathir, who now leads the opposition coalition Pakatan Harapan, for curtailing their powers when he was prime minister.