RCMP say no charges will be laid following a lengthy investigation into the Nunavut Business Credit Corporation.
In 2007, auditor general Sheila Fraser slammed the Crown corporation for mishandling millions of dollars in loans.
She said documents detailing many loans were missing and numerous transactions violated the corporation's laws and regulations.
In the wake of Fraser's report, cabinet MLAs asked the RCMP to determine if any fraud was committed by corporation staff.
"It wrapped up just recently and in consultation with the Crown, it was agreed that the likelihood of conviction was very low based on the evidence that we did have," said Nunavut RCMP Sgt. Kevin Lewis.
Lewis says the case is now closed.