The missing millions, Royal Canadian Mint scandal
Mathematics, one of the most rudimentary skills every human will have to learn one way or another over their lifetime. After the release of reports this morning and a whopping "$1.3 million in audits", one might say the Canadian Mint needs to take a trip back to third grade again and pay attention.
Royal Canadian Mint executives will not get their bonus pay for last year after investigations into how millions of dollars' worth of the precious metal was lost revealed it had never gone missing.
Once questioned, management found many avenues to cover up for the missing millions blaming the loss largely on the banner year for the gold market and an excessive amount of slag, or gold by-product. Reviews released from the Crown on Monday reported that, in regards to the impeding discrepancy that at least a few of the missing millions never even left the Mint and was simply miscounted.
The great Canadian gold heist has turned out to be a $15.3 million combination of bad counting, bad cleaning and sales of gold slag below market value.
Changes are now being implemented at the Mint to prevent similar issues for occurring. Although the actual reported loss was a reported $7 million less that initially expected, the fact of the matter still stands, how did almost a quarter of a million dollars be miscounted and 'lost' by the Royal Canadian Mint?