OTTAWA — On June 6, 2008, CMJ readers learned that a large quantity of gold and silver was unaccounted for at the Royal Canadian Mint. When asked, two-thirds of our readers supposed the problem was an accounting error, but perhaps not. The Mint issued a news release on June 29 saying the audit conducted by Deloitte and Touche found that the missing gold does not appear to relate to an accounting error in reconciliation, physical inventory or recordkeeping.
By process of elimination, the missing gold may have been stolen in what would be Canada's largest gold heist.
The amount of unreconciled precious metals is about $15.3 million, according to the Mint. The organization said it will file an insurance claim, hoping to recoup the value of the lost metals.
The Deloitte and Touche report identified three other areas that should be examined. A technical review of operations, an accounting review of prior periods, and security reviews are recommended. The full report may be read at www.Mint.ca. Accompanying the report is a backgrounder on the Mint's refinery operations and key questions.
The RCMP continues to investigate.
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