Chestermere claims 'millions of dollars' missing, launches probe of its own utility company

City officials say they suspect upwards of $5 million is unaccounted for as the municipality moves to dissolve the firm formerly known as Chestermere Utilities Inc., after years of calls to do so by Chestermere residents.

Before the company is officially nixed, the city says its financial department, alongside third-party experts, will probe what it’s calling a number of “financial irregularities.” The city — already “All aspects of this investigation into the financial irregularities at CUI, that have been identified by staff, will be made public,” said Mayor Jeff Colvin in a media release sent to Postmedia Wednesday.

The city said its auditors flagged no issues within the company over the last 10 years. However, in working to dissolve the company, the city claims its financial department uncovered several improprieties.

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Chestermere claims 'millions of dollars' missing, launches probe of its own utility company\u0027All aspects of this investigation into the financial irregularities ... will be made public,\u0027 said Mayor Jeff Colvin
Source: calgaryherald - 🏆 64. / 52 Read more »

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