Blog

Earlier this week, the ABC’s Four Corners program aired a report detailing a $9 billion gold bullion deal that turned sour between the Perth Mint and the Shanghai Gold Exchange.

The Perth Mint is accused of covering up complaints that bullion was non-compliant with SGE regulations. The mint is also accused of selling $27,000 in gold to a notorious criminal.

Now, WA opposition leader Shane Love has called for a Royal Commission to be formed in the wake of what he describes as “one of the biggest scandals the state has ever seen”.

“It’s not good enough for a government that claims to have a gold standard of transparency to have what’s going on at Gold Corp occurring,” he said.

“There needs to be an open and transparent explanation as to what has happened.”

Gold Corporation is the parent company of the Perth Mint, which was established in 1899.

A spokesman for WA premier Mark McGowan said the government planned to wait for an AUSTRAC investigation to conclude before taking any further action.

“Under the lead of the new CEO, Gold Corporation is constantly identifying areas of improvement including addressing historical practices into operational matters – which was voluntarily reported,” the spokesperson said.

“I’m aware Gold Corporation is participating in a review being undertaken by AUSTRAC and we’ll await to see these outcomes. Gold Corporation is bound by a mix of state, federal and international laws and I expect them to uphold their compliance with the highest of standards.”

The Perth Mint is the largest processor of newly mined gold in the world and in the past year, has completed sales in excess of $20 billion.

More reading
$9 billion deal turns sour as Perth Mint rocked by scandal
Anti-money laundering agency pursues audit of Perth Mint
Gold Corporation looking to “set the record straight” with new CEO
Sudden departure of Perth Mint CEO months before official retirement