US - Former director of the Pension Benefit Guaranty Corporation (PBGC) Charles Millard will not face criminal charges for supposed illegal procurement practices at the corporation, according to a letter by PBGC inspector general Rebecca Batts.
The decision followed an investigation carried out by the inspector general's office at the request of a group of senators belonging to the US Senate Committee on Finance.
In a letter Batts sent to senator Charles Grassley, she said her office examined Millard's (pictured) involvement in the selection of investment managers to execute PBGC investment policy, but found no reason to file charges against the former PBGC director.
The senators requested Batts' office to investigate the matter on May 14, 2009. Initial allegations claimed Millard ignored the black-out period during the bidding process and had e-mail and phone correspondence with BlackRock, Goldman Sachs and JPMorgan.
In July last year, the PBGC terminated combined US$2.5bn private equity and real estate mandates awarded to the three managers, but denied the decision was a result of the controversy surrounding the appointments. (Global Pensions, July 30, 2009)
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