The independent counsel said that if at the end of his investigation there remains "insufficient evidence to warrant a prosecution as to these or any other matters," he will issue a report covering all the matters that have been under investigation.
"Based on the evidence developed to date, he (McKay) does not intend to recommend that the grand jury return an indictment against Meese as to the 'Aqaba pipeline' matter or as to matters relating to Mr. Meese's investments, including the so-called 'Baby Bells' matter," McKay's statement said. The latter reference was to conflict-of-interest allegations stemming from Meese's ownership of stock in companies created by the breakup of AT&T, or "Ma Bell," while he was in a position to make policy aiding those companies.
If McKay issues a report without obtaining an indictment, McKay said he would "refer all of those matters for review and action by the appropriate administrative authorities," an apparent reference to Office of Government Ethics procedures.
The ethics office has put its investigation on hold of Meese's initial failure to disclose investments in the "Baby Bell" companies pending McKay's probe, said deputy director Donald Campbell.