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Perth Mint probe finds no serious misconduct in overseas gold scandal

Section: Daily Dispatches

By Jarrod Lucas
Australian Broadcasting Corp., Sydney
Monday, August 10, 2020

An investigation into the purchasing practices of the Perth Mint has not found any examples of serious misconduct by the state government-owned metal refiner.

The Perth Mint, which refines more than 90 percent of the gold mined in Australia and Asia, welcomed the findings by the London Bullion Market Association.

... Dispatch continues below ...


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The findings followed newspaper reports in June that claimed the Perth Mint had been spending up to $200 million a year on "conflict gold" from a convicted killer in Papua New Guinea.

The Australian Financial Review reported that the dealings with PNG firm Golden Valley, owned by Justin Parker, who was convicted of manslaughter in 2017, breached the mint's global accreditation and internal policies.

The London Bullion Market Association said it took the allegations "very seriously" but its investigation found no instances of "zero-tolerance non-conformance."

The association said the mint's risk assessment processes need to be "strengthened" and it reserved the right to revisit its findings if new information came to light. ...

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