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Monitoring of state-owned assets of the Ministry of Finance


Monitoring is going to be strengthened, food wine the Treasury said on Tuesday, despite an independent review by Deloitte concluding there were no "material failures" in the way it handled Solid Energy.
 
It monitored 49 enterprises with assets of around $140 billion, and that was forecast to grow by $30b during the next five years.
 
Monitoring improvements will include closer engagement with boards and ministers and assessing new approaches.
 
"This is a wide-ranging work programme and we plan to introduce changes progressively over time," said Treasury Secretary Gabriel Makhlouf.
 
The Deloitte report on the way Solid Energy was monitored says its review raised questions about how and when monitoring processes are applied.
 
The stricken state-owned coal mining company is facing financial ruin and opposition parties have questioned whether the Treasury watched it closely enough.
 
Labour's state-owned enterprises spokesman formation of company, Clayton Cosgrove, says a full inquiry into Solid Energy is needed and he thinks Auditor-General Lyn Provost should do it.
 
She has previously declined because other reviews were under way.
 
Mr Cosgrove says the Deloitte review was inadequate.
 
"This is not a review of how a company went from an export award-winning company to a basket case," he said.
 
"There is no review of what happened, Asian college of knowledge management no accountability to the taxpayer."
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