Opposition Leader Grant Gibbons has labelled a Government-sanctioned review of the administration of public pension funds a ?complete whitewash? which conspicuously fails to get to the bottom of the pay-to-play allegations swarming around Tourism Minister Ewart Brown.

Dr. Gibbons was drawn to comment yesterday following the release of a statement from the Ministry of Finance, stating that two thirds of the review is already completed and that several recommendations ? including the introduction of a Code of Conduct for all those involved in the running of public pension schemes ? will be implemented before the year is out.

But the review?s conclusions have, in Dr. Gibbons? eyes, confirmed his worst fears.

In the last parliamentary session, the former Finance Minister called for a ?forensic? review of the activities of Dr. Brown, Government pension fund consultant Tina Poitevien and suspended Public Funds Investment Committee (PFIC) Chairman Calvin White, arguing that this was the only way the public could be assured that the people charged with the responsibility of administering public pensions had behaved appropriately.

Given the seriousness of the allegations, Dr. Gibbons suggested, a forensic review would surely be welcomed by those accused of wrongdoing as it would provide them with a chance to have their names cleared.

As it is, the allegations have been allowed to fester while a culture of sleaze and evasiveness appears in the public?s eyes to be winning the day, Dr. Gibbons added.

When contacted yesterday, Finance Minister Paula Cox refused to say why a more detailed investigation into the alleged indiscretions was not being conducted, saying only that the Opposition would have to ?take the issue up with Dr. Brown?.

?The Opposition has already voiced its concerns about the governance review and we responded at the time that we felt a forensic audit was not the appropriate course of action in the circumstances. The position is still the same.?

Whether the review itself will be released to the public was also not revealed by the Finance Minister.

?This review is the equivalent of a doctor reviewing a patient?s health and telling him he?s OK while ignoring the brain cancer,? said Dr. Gibbons.

?There is pretty powerful evidence out there supporting the allegations which have been well-documented in the media. We?ve said all along that we thought the governance review commissioned by the Finance Minister would not be detailed enough and it looks as though we were entirely right. What is needed is a forensic audit of all the allegations of pension fund mismanagement, pay-to-play and other unethical activities.

?One would have thought that this would be in the best interests of everyone.

?But the Minister has ducked the issue and has been unable or unwilling to explain why the Government is not taking these allegations very seriously.

?We?ve got to get to the bottom of what happened and I call again first and foremost, for the employment of Cal White and Tina Poitevien to be terminated. We?ve got to clear the air here.?

Meanwhile, in her Press statement Ms Cox admitted that the procedures currently in place to ensure ethical practice in public pension fund management are inadequate ? or in need of ?enhancement? as she put it.

?I am pleased with what has been accomplished thus far and the Ministry of Finance stands ready to implement, direct and enhance the procedures that govern the collection and administration of the pension funds,? the statement read.

?We are serious about managing the public purse and ensuring there is the necessary follow through... It is the Government?s role and my responsibility as the Minister of Finance to uphold public confidence in how we operate and administer the public pension funds.

?It is anticipated that the commissioning of this governance review and the implementation of its various recommendations will have tangible and lasting benefits.?

The pay-to-play allegations first surfaced in April after it was revealed that Ms Poitevien had arranged a fundraising lunch in Washington D.C. in 2002 with guests paying $2,500 towards Dr. Brown?s personal General Election fund.

It is alleged that guests were all current and potential money managers and stockbrokers of the Bermuda Government pension funds.

PFIC Chairman Calvin White was suspended soon after following revelations he organised a fundraising golf day for the Progressive Labour Party and invited 47 money managers from the United States who were vying for Government business.