A newly released forensic audit accuses BC Housing of mismanaging public funding amid a significant conflict of interest.
Last March, now Premier then Housing Minister, David Eby ordered an initial review into the corporation’s finances and operations.
But, when further issues outside that review’s scope came to light, Eby ordered a forensic audit to be conducted by Ernst & Young LLP.
It found significant conflicts of interest within the organization, owing to the marriage of then CEO Shayne Ramsay, who resigned last September.
Ramsay is married to Janice Abbott, CEO of the Atira Women’s Resource Society, which is BC Housing’s largest funding recipient.
Between 2016 and 2022, the amount of funding provided to Atira ballooned from $17 million to $74.1 million.
According to the audit, policies put in place by BC Housing to manage the conflict were ineffective, and often bypassed.
It says Atira was awarded contracts without a transparent, competitive process, and was given an unfair level of consideration.
After Ramsay’s resignation, the Province acted to replace BC Housing’s entire board of directors.
Comments