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What explanation did the auditors provide for not noticing the missing money? If the defalcations were of a false/or padded expense type why did the budgetary controls not flag the overspends? Etc.,etc?

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As I say, lots of questions. Best not to spread any accusations around, in my view.

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Too much money.

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Sorry; mangled prose now corrected.

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I think Joshua in his closing remark is right. I add only that there are likely to be several, as yet unpublicised, layers to this particular onion.

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