The ex-Rio CEO has broken his silence after the London Bullion Marketing Association launched an investigation into the sale of less-than-pure gold.
Perth Mint chairman Sam Walsh has admitted there have been “historical issues” at the West Australian institution, but says the refiner is already strengthening its governance arrangements following concerns over money laundering and the purity of its gold bars.
Mr Walsh, chairman of Perth Mint since 2019, on Tuesday admitted that what he described as “historical issues” had damaged the mint’s reputation. The London Bullion Marketing Association this month launched an investigation – known as an incident review process – into the state-owned mint amidand only stopped the practice after its biggest customer complained.
Under the so-called US Model State Code, it is a requirement for gold purchases to be physically delivered within 28 days. However, the Perth Mint was potentially in breach of the code for more than 20 years.
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