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Last updated on Wednesday, July 17, 2013
(INDIANAPOLIS) - Indiana Governor Mike Pence has ordered an independent review of a state contractor that has invested taxpayer money with companies run by its own chairman and his son.
Pence's action follows an Indianapolis Star investigation of Elevate Ventures, which the Indiana Economic Development Corp. first hired in 2011 to invest money into promising startup companies.
The newspaper found that Elevate Ventures has directed $800,000 to a pair of companies connected to Elevate chairman Howard Bates and his son.
Bates says that the investments followed the guidelines governing the public money.
Pence spokeswoman Christy Denault says the governor wants a broad review of Elevate's investment decisions and that he expects the highest ethical standards of the development agency and its contractors.
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