PrimeWest Mortgage Investment Corporation announced that the management review of the mortgage loan portfolio since June 2016 has revealed that lack of adequate security, failure to follow loan policies and guidelines and the withholding and/or provision of wrongful information to the Board and Board Committees by the former CEO, has resulted in loan loss provisions being established in August 2016 in the sum of $733,000 and then increased on September 8, 2016 by $1,385,000 to a total of $2.1 million. Due to the severity of these issues the Board will pursue a formal investigation into the improprieties surrounding the former CEO of the Corporation. The Board has suspended the declaration of dividends for 2016, and the July 31, 2016 retractions have been set over until the next redemption period in April 2017.