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| Version 1 | Version 2 |
|---|---|
| RIFW £21m land sale 'error' admitted by civil servant | RIFW £21m land sale 'error' admitted by civil servant |
| (about 1 hour later) | |
| The civil servant behind the creation of a fund that sold millions of pounds worth of publicly-owned land has admitted it was wrong to include the most valuable site in the deal. | The civil servant behind the creation of a fund that sold millions of pounds worth of publicly-owned land has admitted it was wrong to include the most valuable site in the deal. |
| Chris Munday said, with hindsight, 120 acres (50 hectares) of farm on the edge of Cardiff should have been omitted. | Chris Munday said, with hindsight, 120 acres (50 hectares) of farm on the edge of Cardiff should have been omitted. |
| The Regeneration Investment Fund for Wales (RIFW) is being investigated by the assembly public accounts committee. | The Regeneration Investment Fund for Wales (RIFW) is being investigated by the assembly public accounts committee. |
| Auditors found taxpayers may have lost £15m on the sale of 15 sites. | Auditors found taxpayers may have lost £15m on the sale of 15 sites. |
| RIFW, a wholly-owned subsidiary of the Welsh government, sold 15 sites in one deal for £21m in March 2012 to a Guernsey-based company called South Wales Land Developments. | RIFW, a wholly-owned subsidiary of the Welsh government, sold 15 sites in one deal for £21m in March 2012 to a Guernsey-based company called South Wales Land Developments. |
| In June, auditors said they found flaws in the sale process, weaknesses in advice to the board, and potential conflicts of interest. | In June, auditors said they found flaws in the sale process, weaknesses in advice to the board, and potential conflicts of interest. |
| The District Valuer, in the Wales Audit Office report, valued them at £36m, if they had been sold separately. | The District Valuer, in the Wales Audit Office report, valued them at £36m, if they had been sold separately. |
| The most valuable site in the village of Lisvane, near Cardiff, was sold for £15,000 an acre (£6,000 per hectare). | The most valuable site in the village of Lisvane, near Cardiff, was sold for £15,000 an acre (£6,000 per hectare). |
| Large parts of that land could now be worth up to £2m an acre (£800,000 per hectare) if planning permission is agreed. | Large parts of that land could now be worth up to £2m an acre (£800,000 per hectare) if planning permission is agreed. |
| The site, earmarked for housing by Cardiff council, is currently at the centre of a planning appeal. | The site, earmarked for housing by Cardiff council, is currently at the centre of a planning appeal. |
| 'Fire sale' | 'Fire sale' |
| Mr Munday told the committee on Tuesday: "Hindsight is a great educator. With the benefit of hindsight we would not have included Lisvane." | Mr Munday told the committee on Tuesday: "Hindsight is a great educator. With the benefit of hindsight we would not have included Lisvane." |
| He said there was a "time imperative" to get RIFW established within a specific time-frame to meet EU deadlines on funding. | |
| Another senior civil servant told AMs the background was one of officials considering a "fire sale" of all the Welsh government's assets in the face of recession. | Another senior civil servant told AMs the background was one of officials considering a "fire sale" of all the Welsh government's assets in the face of recession. |
| Deputy permanent secretary James Price said: "That was seriously being considered at the time - put the whole lot up in one block - and discussions about the fact we might lose half of it being completely acceptable from a policy perspective, because there was such a need to get investment into the economy. | Deputy permanent secretary James Price said: "That was seriously being considered at the time - put the whole lot up in one block - and discussions about the fact we might lose half of it being completely acceptable from a policy perspective, because there was such a need to get investment into the economy. |
| "That's not what happened here, but that must have been at the back of people's minds who were thinking of putting this land in." | "That's not what happened here, but that must have been at the back of people's minds who were thinking of putting this land in." |