KIA’s business corporation in bad shape

A former KIA president has publicly made some disturbing comments like “I left KIA in great shape” in this newspaper on Feb. 27, and to an extent I don’t have any clue why the former KIA president made a comment that doesn’t seems to reflect the KIA’s history.

Back in June 2001, NTI came in to rescue the financially-troubled Sakku and the financial rescue cost $700,000 of Inuit money. In those years, the KIA’s investment corporation saw its entire board of directors replaced for financial mismanagement for reasons that are unknown up to today. It’s like Inuit money went disappearing into thin air in front of the un-keen eyes of the KIA authority at the time.

At one time, record-keeping at the KIA investment corporation was so haphazard that an auditing firm found itself unable to audit the KIA investment corporation’s books. In October 2001, when the KIA investment corporation was still heavily burdened by crushing debt, the NTI AGM membership approved a bail-out for the financially-failed KIA investment corporation, for a total of $2.2 million worth of Nunavut Inuit money.

What financial chaos. On those two occasions, the KIA investment corporation cost a total of $3 million wiorth of Inuit money, just in that period of time.

Don’t forget, the KIA investment corporation has a loan to pay back. There is no “great shape” in this history of financial chaos at the KIA investment corporation. Election time doesn’t mean you can just talk your way into win the top job at NTI just like that.

Concerned NTI beneficiary
Johnny Mike (E6-753)
NTI Card # 7520189026
Iqaluit