NDP Leader Todd Hardy wants public hearings on the territory's investments after Dec. 14.

Hardy brought forward a motion in the legislature Wednesday. It urges the legislature's public accounts committee to convene as soon as possible after Dec. 14 to conduct public hearings on the investment policies and procedures of the Department of Finance.

That initiative would include 'a specific examination of the recent investment of $36.5 million in asset-backed commercial papers.'

Discussion in the legislature over the last two weeks has been dominated by the government's investment in two trusts.

They were originally set as 30-day investments, and banks are not returning money to investors on their maturity dates. Dec. 14 is the date when they'll have a plan in place on what to do with the investments. It's expected they'll be rolled over into longer-term five- to 10-year investments.

Liberal Leader Arthur Mitchell has already written to Auditor General Sheila Fraser asking for an investigation into the investments.

He has argued the Financial Administration Act (which governs investments for the territorial government) may have been breached because they weren't guaranteed by the banks and the government didn't get the two security ratings required when there's not a guarantee.

Finance officials have said it's their position the banks were breaching their obligation by not giving back the funds on their maturity date.

Yesterday, Hardy said he wants any investigation to be done at the local level through the public accounts committee rather than through the federal Auditor General's office.

Speaking to reporters following question period, Hardy said he wants to see partisan politics and finger-pointing in the legislature put aside, with the public accounts committee looking at the issue and calling on witnesses involved in the investments in a public forum where citizens can watch the process.

The public accounts committee is fully supported by the office of the auditor general, Hardy was quick to point out.

As the committee's chair, it would be up to Mitchell to call for the body to convene on the matter.

'I'm very, very surprised he hasn't called it yet,' Hardy said, adding this is the kind of work the committee should be doing.

While Hardy acknowledged his criticism of Mitchell, he also noted his criticism of everyone in the legislature over what he deems as finger-pointing.

'We're getting nowhere in the legislative assembly,' said the NDP leader, who chaired the committee for more than three years.

He noted the government has failed to answer any questions around investment policies, ethical standards for its investments and so on.

Finance Minister and Premier Dennis Fentie is away from the legislature this week to recover from unspecified surgery. Acting Finance Minister Elaine Taylor has fielded questions on the matter.

She has reiterated it's Finance officials who make investment decisions. Reporters have been directed to speak to Finance officials on the matter as well, rather than the minister.

Liberal MLA Gary McRobb has also called on the public accounts committee to investigate the two investments.

In an interview this morning, Mitchell said he's waiting for a formal request for a meeting of the group to come from a committee member.

Because the committee is supposed to be non-partisan, Mitchell said he would rather proceed with a formal request rather than a proposal coming out of the more partisan question period.

He expects that request to come forward fairly soon, given the discussion in the legislature.

It's difficult for the committee to meet while the legislature is sitting. That would likely mean any hearings would take place after Dec. 14, following the decision of the banks on the investments.

Though Mitchell, as Opposition leader, chairs the committee, the Yukon Party government holds a majority of members on the committee and could vote not to go ahead with an investigation into the investments.

Said Hardy: 'If the Yukon Party members come in there with a mandate to prevent the public accounts committee to do the work that they're legislated to do, that they're mandated to do, then it indicates that they're trying to hide. And that, to me, just means we need a greater inquiry than what's being offered to date.'

It's time the chair calls the committee together to look at it, he said.

Even if, on Dec. 14, the issues around the investments are resolved and investors can get their money back, Hardy believes there still needs to be an inquiry into the issue because it's taxpayers' money that was invested.

'If the investments don't go sour but they are going sour, there's no question about it, there's a very serious meltdown happening, but if they don't we still need to know if the Finance department and the minister have acted properly. And if they haven't, then we need to know about it,' he said.

Hardy has questioned the government a number of times on policies around ethical investments.

Taylor has continued to state her faith in officials making investments under the Financial Administration Act. However, officials have stated in the past that there is no policy dealing with where it can invest aside from investments that are guaranteed, provided through a province or Canada, or have the highest rating provided by two rating agencies.

Throughout questioning in the house this week, Taylor has pointed out Fraser has given the territory a 'clean bill of financial health' for the past five years with transactions that have come to the office's notice being in accordance with legislation.

The Auditor General, Taylor continued to stress, is fully aware of the $36.5 million in investments.

The public accounts report released earlier this month was for the 2006/2007 fiscal year, prior to when the investments were made.

Margot Booth, a spokeswoman with Fraser's office, said this morning a note was added to the statement before its release but it hasn't been reviewed significantly.

'We're continuing to monitor (the situation),' she said, noting that such transactions are generally audited in the following fiscal year.

'This is already on our radar screens,' Booth said.

The office is aware of Mitchell's request for an investigation and takes such matters seriously, she said.

The request will be evaluated, though Booth could not say how long it might take to determine whether the office will look into the situation.