December 21, 2009 14:34 ET

Statement by Minister of State (Transport) Rob Merrifield on the Royal Canadian Mint's Release of the Reviews of its Precious Metals Inventory Practices

OTTAWA, ONTARIO--(Marketwire - Dec. 21, 2009) - "Today, the Royal Canadian Mint has made public the internal and external reviews that give explanations for previously unaccounted-for precious metal.

"The Auditor General has verified these findings and has signed off on the Mint's 2008 annual report.

"This follows the Mint's November 24, 2009, disclosure that an RCMP investigation had found no theft relating to the unaccounted-for precious metal.

"Despite the explanations, I am disappointed that errors have occurred.

"During this time, I have held the Mint accountable by ordering the Mint to call in the RCMP, by suspending executive bonuses and by requiring the Mint to fully explain this matter.

"As a result of these findings, executives will not receive any discretionary bonuses for 2008.

"In addition, I will continue to require the Mint to report quarterly on inventory status, as well as update me on how they are implementing the processing, accounting and security recommendations put forward by the reviews.

"I will continue to hold the Mint accountable as they take actions to prevent this situation from reoccurring."

Contact Information

  • Chris Hilton
    Office of Minister of State (Transport)
    Rob Merrifield
    Media Relations
    Transport Canada, Ottawa