After a major online scam that involved $655,000 disappearing from St. Catharines Hydro bank account, an investigation to get to the bottom of it continues into phase 2.
KPMG (KPMG is a Canadian leader in delivering Audit, Tax, and Advisory services according to their website) was hired to conduct the inquiry as to what actually happened when the incident occurred in December and they have now delivered their preliminary findings.
Although specific details are not known at this time, based on the information provided by KPMG to the hydro board, it has been agreed to proceed with a second phase forensic audit. Also on the go is an on-going investigation by Niagara Regional Police.
Mark Steinman, a member of the board, will continue to oversee the investigation until the completion of the criminal and internal investigations.Measures have been put in place to prevent any further incidents.
St. Catharines Hydro is a holding company for the subsidiary St. Catharines Hydro Generation, which operates the Heywood Generating Station. It is wholly owned by the City of St. Catharines, and is a shareholder in Horizon Utilities Corporation.
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