Daylife/AP Photo used by permission
The prospect of a Hollywood-style heist at the Mint sounded intriguing, but it turns out the Case of the Missing Gold was all about accounting and poor estimates.
The Royal Canadian Mint promised to track its precious metal better after confirming that $17-million in missing gold – about 44 bars’ worth – was never the object of a theft. If it had been, it would have required pilfering from one of Canada’s most secure facilities…
Still, the more mundane lapses at the Crown corporation – including mistakenly selling gold lost in production – may prove just as embarrassing as the notion that the material was stolen.
“The good news is that there’s no theft at the Mint. The bad news is that the Mint can’t count,” said Liberal MP Bonnie Crombie.
“I don’t think this is enough to restore Canadians’ confidence. There’s gold missing at the Mint and it’s because they couldn’t count it.”
A report released yesterday found accounting errors and miscalculations during refining were responsible for the vanishing gold. Now, after a 14-month search, the Crown corporation can say it knows where its gold has gone…
The Mint admitted it underestimated the gold content in the by-product left after its refining process. As a result, millions of dollars worth of gold were miscounted or sold off to U.S. processors as slag at a fraction of its value.
At least the government will withhold bonuses from the top five honchos.
American-style, we would have fired ‘em. Given each a golden parachute and found jobs for them in Wall Street investment firms.