In a letter to Le Mond,
dated August 18, 1999 - and still posted on the IMF's Web site, three
years later - he wrote, inadvertently admitting to serious
mismanagement:
"I wish to express my indignation at the false statements, allegations,
and insinuations contained in the articles and editorial commentary
appearing in Le Monde on August 6, 8, and 9 on the content of the
PricewaterhouseCoopers (PWC) audit report relating to the operations of
the Central Bank of Russia and its subsidiary, FIMACO.
Your readers will be shocked to learn that the report in question,
requested and made public at the initiative of the IMF ... (concludes
that) no misuse of funds has been proven, and the report does not
criticize the IMF's behavior ... I would also point out that your
representation of the IMF's knowledge and actions is misleading. We did
know that part of the reserves of the Central Bank of Russia was held
in foreign subsidiaries, which is not an illegal practice; however, we
did not learn of FIMACO's activities until this year--because the audit
reports for 1993 and 1994 were not provided to us by the Central Bank
of Russia.
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