Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Report: Canadian mint lost many millions

|
|
 
  
Published: June 9, 2009 at 9:19 AM

OTTAWA, June 9 (UPI) -- Sources at the Royal Canadian Mint say the value of gold and silver discrepancies could be worth more than $10 million, the Toronto Star reported Tuesday.

A report is due in two weeks from an external audit that began in March into a major discrepancy in gold, silver, platinum and palladium stocks and accounting records, the newspaper said.

Last week, mint officials refused to disclose the amount of the discrepancy, but said they were confident the audit would prove it to be a bookkeeping issue based on the unprecedented demand for gold in 2008, the Star said.

The facility produces Canadian coinage, collectors' sets and coins for at least 12 other countries, the report said.

Member of Parliament Thomas Mulcair of the socialist New Democratic Party told the Star police should have been summoned immediately when the discrepancy was found.

"There's no possible way to explain the loss of tens of millions of dollars through simple administrative or bureaucratic foul-ups and missteps," he said.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
The Tibetan Moniam Festival in China Super Bowl XLVI ticker tape victory parade The making of the Oscars
The Chicago Auto Show The Most Desirable Women of 2012 Tu Bishvat Migron settlement
Additional Top News Stories
1 of 21
President Obama Signs Smuggling Prevention Act at White House
View Caption
fark
All fifth graders who want to go see "Red Tails" please step forward. Whoa not so fast there girls...
If we timewarped back by 2000 years, what job would you be most qualified to do? No, you can't bring...
BAD: getting caught in a landslide while hiking. WORSE: getting struck by lightning while trying...
Weepy eyes, hot chix, Jersey Shore Ronnie and a guy with mini fishing reels stuck in his beard....
French roadbuilders find 21 German WWI soldiers...and 1 goat
Photoshop this crazy old coot in the cold