Perth Gold Mint Scandal (tax, cost, bars)

[the troubadour]

What a mess the West Australian government finds itself in. It runs the Perth Gold Mint , world famous, which has been found to be very tardy at best , less than truthful at worst, into operations at the Mint.

The investigative TV program 4 Corners gave a brilliant insight into the shenanigans that has been unfolding over time.

Not only was checks not carried out on 'customers' into their suitability to be clients in the way of not laundering money, it has attempted to pass off gold bars sold to China as pure which they were found not to be.

No idea just how they thought they would get away with it. Possibly years of lax enforcement and apathy among other things.

Of course gold is untraceable , it can be buried, transported or otherwise kept secure.

Now the program showed how The Bank of Cyprus (a place where a lot of Russian money is stored) was a prime customer. It appears not a single check was done on money from this source.

But the apple cart was really turned over when the selling of diluted gold to China was found to be tainted by silver beyond the Shanghai requirements for it to be termed pure as claimed by the Perth Mint.

9 billion dollar recall of gold bars has occurred. Now the question is just what the cost will be on the West Australian tax payer.

At best the reputation of The Mint, will be 'tarnished' . The CEO resigned. I expect the state government caught somewhat on the back foot , will go into damage limitation and deny as much as possible, or attempt to pass the blame.

WA was at onetime termed The State of Excitement. It was on the number plates decades back.

Last week we had the biggest drug bust off the West Australian coast in Australia's history.

The government should be accountable but everything passes by without much of a challenge.

Interesting, indeed frightening that the whistle blower could be jailed for revealing alleged illegal practices occurring.