INDIANAPOLIS — Today, Senator Fady Qaddoura (D-Indianapolis) issued the following statement in response to the release of FTI Consulting’s independent forensic review of the Indiana Economic Development Corporation (IEDC), its affiliated entities and major projects between 2022 and 2024:
“This audit confirms what many of us have feared: the Indiana Economic Development Corporation has been operating without transparency, without accountability and without proper safeguards for Hoosier taxpayer dollars.
“The findings are deeply alarming. One vendor received $77 million through a no-bid contract. At least 30 entities with financial ties to IEDC insiders received state funding, and only one conflict was ever reported to the Ethics Commission. A former IEDC executive helped negotiate a $17.5 million contract, then left to lead the group that received the money without a legally required waiver.
“And while Hoosiers struggle with rising costs, the IEDC spent $6.7 million on international travel, including first-class flights costing more than $10,000, VIP perks and even trips for family members of state officials. That’s public money used like a private expense account.
“This isn’t economic development. This is insider dealing, plain and simple. And it’s happening with public money.
“These are not isolated errors. They point to a system with no real checks and no meaningful oversight. When public dollars flow in the dark, trust in government erodes and Hoosiers are left paying the price.
“I am calling for immediate legislative reforms. That includes mandatory competitive bidding, enforceable conflict-of-interest disclosures and independent oversight with full auditing authority.
“Let me be clear: if the IEDC cannot rebuild trust on its own, then the General Assembly has a duty to step in and restore it.
“We cannot let this become business as usual. If we do nothing, we’re telling Hoosiers that corruption is just part of the cost. I won’t stand for that.”
