Federal investigators have cleared the US Maritime Administration (MarAd) of accusations of mismanagement, finding that the agency had properly accounted for USD75.9 million made from selling 90 obsolete vessels. The US Government Accountability Office (GAO), in a report published on 23 February, concluded that MarAd had allocated the proceeds from the National Defense Reserve Fleet (NDRF) from FY05 to FY15 into the Vessel Operations Revolving Fund (VORF), "consistent with applicable law."
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