Canadian Mint investigates missing gold
There's a mystery at the mint. The Royal Canadian Mint that is, where the search is on for a fortune in missing gold, silver and other precious metals.
05/06/2009 5:40:24 PM
News photographers and invited guests take pictures of the Royal Canadian Mints' world's first 100-kg, pure gold bullion coin with a $1 million face value in Ottawa on Thursday, May 3, 2007. (CP / Tom Hanson)
CTV.ca News Staff
The mint isn't saying exactly how much, but officials have launched an investigation and called in outside auditors in March to figure out where the missing loot has gone.
Mint spokesperson Christine Aquino told CTV.ca on Friday that a review is being conducted into the incident.
"We're waiting for the results from that review, which will be conducted in the next few weeks, and we won't be commenting further until that review is complete," Aquino said in a phone interview.
Aquino said the Mint has asked a "third party" to assist them in the investigation. Published reports say the missing metals could be worth as much as several million dollars.
As the search continues, employee bonuses have been frozen pending completion of the investigation.
Auditors are probing an "unreconciled" difference between the value of precious metals on the mint's accounting books and what's actually in the facility.
The mint says the discrepancy could be simply sloppy book keeping.
"We review our financial statements and we decided to conduct this review," said Aquino.
The mint says there's been an unprecedented demand for its 2008 gold Maple Leaf coins, which may have overloaded its internal control systems.
The story also erupted in Parliament.
"Gold and other precious metals are unaccounted for at the Canadian mint, and yet the police have not been called in to investigate," said Liberal MP Joe Volpe in the Commons as he demanded to know more information about what's missing.
But the minister responsible for the mint, Rob Merrifield, minister of state for transport, said "the mint is a Crown corporation at arm's length from the government," and he didn't have any more information at present to provide.
The mint has an elaborate security system.
"We're one of the most secure facilities in Canada," Aquino said, "doing business with the mint is still safe, and this review will likely give us some suggestions on how to improve our processes." |
