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Welsh government 'cannot prove' £21m land sale got best value Welsh government 'cannot prove' £21m land sale got best value
(about 5 hours later)
The Welsh government has admitted it cannot prove the biggest sale of publicly-owned land in recent years in Wales achieved best value for money.The Welsh government has admitted it cannot prove the biggest sale of publicly-owned land in recent years in Wales achieved best value for money.
The admission was made in a letter from a senior civil servant to the assembly's Public Accounts Committee as part of an inquiry into the Regeneration Investment Fund for Wales. A senior civil servant made the admission in a letter to the assembly's Public Accounts Committee as part of an inquiry into the Regeneration Investment Fund for Wales (RIFW).
In 2012, 15 sites were sold as one portfolio for £21m.In 2012, 15 sites were sold as one portfolio for £21m.
But the Wales Audit Office said they should have made at least £15m more.But the Wales Audit Office said they should have made at least £15m more.
Until this point, the Welsh government has insisted those claims need to be considered alongside conflicting valuations and tough economic conditions. Weaknesses
But in the letter it says the decision to sell the land privately, rather than publicly, means it cannot say conclusively the best value was achieved. The sites varied from former industrial land to more than 100 acres (40 hectares) of valuable farmland earmarked for housing on the edge of Cardiff.
However, it is only a partial change of tone as the letter also maintains there is no conclusive evidence the land was undervalued either. They were sold in March 2012 to a Guernsey-based company called South Wales Land Developments, owned by Sir Stanley Thomas.
The proceeds were designed to be invested in regeneration schemes.
Auditors said there were flaws in the sale process, potential conflicts of interest, and weaknesses in the professional advice given to the board.
Until this point, the Welsh government has defended its actions on the grounds of conflicting valuations and tough economic conditions.
In a letter to the public accounts committee, deputy permanent secretary Owen Evans said: "With the benefit of hindsight we are clear as to the significance of the decision to dispose of RIFW's land assets without a public sale.
"This means that we are unable to demonstrate conclusively that the sale has achieved best value."
However, he said the Welsh government still believed the RIFW board acted reasonably given the technical advice it received at the time amid economic uncertainty.
"It is important to note that neither do we believe that the valuation evidence available in this case points conclusively to there having been a sale at under value," the letter added.