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Cardiff Airport 'worth £20m-£30m', ministers were told Cardiff Airport purchase wasted millions, Welsh Tories claim
(35 minutes later)
Ministers were told Cardiff Airport was worth £20m-£30m, months before the Welsh government bought it for £52m. Ministers have been accused of wasting tens of millions of pounds buying Cardiff Airport for around double an accountants' valuation of £20m-£30m.
BBC Wales understands the estimate from accountants KPMG appears in a report to be published by the Wales Audit Office.BBC Wales understands the estimate from accountants KPMG appears in a report to be published by the Wales Audit Office.
Despite the advice, it is understood ministers offered £41m, increased to £55m after further advice from Arup, with an eventual sale at £52m in 2013. Months later, after negotiation and a further valuation, the Welsh government bought the airport for £52m in 2013.
Bristol Airport chief executive Robert Sinclair had claimed the purchase price was well above market value. Welsh Tory leader Andrew RT Davies accused Labour of a "stunning failure to safeguard taxpayers' money".
The Welsh government's purchase of Cardiff Airport from its Spanish owners Abertis followed years of concern about its performance and long-term viability.The Welsh government's purchase of Cardiff Airport from its Spanish owners Abertis followed years of concern about its performance and long-term viability.
First Minister Carwyn Jones defended the deal at the time as a means of securing the airport's future as "a vital gateway to Wales", and said it would be run at arm's length from government. First Minister Carwyn Jones defended the deal at the time as a means of securing the airport's future as "a vital gateway to Wales", to be run at arm's length from government.
The Welsh Conservatives demanded proof that "nationalising" the airport was value for money. Bristol Airport chief executive Robert Sinclair had claimed the purchase price was well above market value, while the Welsh Conservatives demanded proof that "nationalising" the airport was value for money.
The revelations about advice to ministers came as airport chairman Roger Lewis called on the UK government to give Welsh ministers the right to cut air passenger duty as a means of boosting the airport's fortunes. 'Over the odds'
Reacting to the revelations on Wednesday, Mr Davies said it was "unforgiveable", following Tuesday's apology from Mr Jones for the handling of land sales to raise money for regeneration.
"This is yet another example of the Welsh Labour Government's stunning failure to safeguard taxpayers' money, with tens of millions of pounds going to waste - despite clear, professional advice which should have told them that the price they were prepared to pay for the airport was over the odds," the Tory leader said.
"At a time when councils, hospitals and schools are facing a financial squeeze we have two clear examples of Labour wasting huge sums of money."
Welsh Liberal Democrats economy and transport spokesperson Eluned Parrott added: "This is another huge blow to the Labour Government's already tattered economic reputation."
The revelations came as airport chairman Roger Lewis called on the UK government to give Welsh ministers the right to cut air passenger duty as a means of boosting the airport's fortunes.