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Message: <blockquote data-quote="tikkalover" data-source="post: 500706" data-attributes="member: 600"><h3>Ethics Commission launches probe amid scrutiny of ND Development Fund’s finances</h3>The North Dakota Development Fund has come under scrutiny in recent weeks following a recent audit.Now, the state ethics commission is getting involved.Kyler Collom spoke with the commission’s chair on what’s next.The North Dakota Development Fund announced more than $6.3 million in loan approvals for four businesses Tuesday, including $5 million for Packet Digital’s new drone battery manufacturing plant in Fargo.“We talked about who else it would be if we weren’t the ones initiating it because the Attorney General can’t. So, what we decided to do was open an inquiry to get some information. It could lead to an investigation, but we need to get some information first,” Sharp said.A performance audit covering July 2019 through June 2024 identified just under $4 million in financing for five entities connected to two fund board members.Auditors found insufficient documentation showing how potential conflicts were identified, evaluated and managed.In the wake of that report, the legislature’s audit review committee recommended eliminating the fund and transferring its outstanding loans and investments to the Bank of North Dakota. That recommendation would require action by state lawmakers.The committee also referred the audits and related testimony to Attorney General Drew Wrigley for possible investigation.Wrigley declined, citing his office’s representation of current and former fund officials in a civil lawsuit.Sharp said commissioners will begin by reviewing the audit and the legislative committee’s discussion before requesting additional information.Fund officials said they have strengthened disclosure and recordkeeping practices, prohibited related-party transactions and planned additional policy improvements.It’s important to note the inquiry does not establish that an ethics violation occurred.We’ve reached out to a spokesperson for the development fund for additional comment on the ethics commission’s probe and will update as we learn more.</blockquote>

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