Laura Sharman 15 July 2015

Auditors attack 'flawed' land sale in Wales

The Welsh Government has failed to show the sale of land and assets provided value for money, according to a damning report from auditors.

The Auditor General for Wales said the Regeneration Investment Fund for Wales (RIFW) concept has been ‘let down’ by weak governance, ineffective oversight and a flawed sales process.

It added there was no independent valuation of publicly owned land and property, meaning assets could have been sold at below market value.

Auditor General for Wales, Huw Vaughan Thomas said: ‘At the outset, the concept of RIFW was both innovative and exciting; it promised much needed regeneration for the benefit of everyone living in Wales. Sadly, the reality is that much of this potential investment has so far failed to materialise, largely because the need to sell property assets proved to be a significant distraction from RIFW’s core investment purpose.

’I am deeply concerned that the Welsh Government cannot provide public assurance that RIFW achieved value for money from the sale of its land and property portfolio. If some of the sites had gone to market at a later date, they could have achieved significantly higher prices and thereby generated greater funds for regeneration investment across Wales.

’Mr Thomas added that he was ‘satisfied’ taken by the Welsh Government and the Welsh European Funding Office (WEFO) since October 2012 in response to developing concerns.

SIGN UP
For your free daily news bulletin
Highways jobs

Head of Democratic Services, Elections & Monitoring Officer

Harborough District Council
Grade 12 £67,236 – £71,223 plus £3000pa Statutory Officer Allowance
We are looking for an accomplished and proactive leader for our vacant post of Head of Democratic Services & Elections Market Harborough, Leicestershire
Recuriter: Harborough District Council

Social Worker

Durham County Council
£35,412 - £39,152 (pre-progression) / £40,777 - £45,091 (post-progression)
We are looking for social workers who have completed the assessed and supported year in employment to join our Families First teams, working with our Durham
Recuriter: Durham County Council

Social Worker

Durham County Council
Grade 9 £35,412 - £39,152 (Pre-Progression) / Grade 11 £40,777 - £45,091 (Post-Progression)
Are you a nurturing social worker passionate about supporting parents so that children can remain with their birth family?     This could be the right Durham
Recuriter: Durham County Council

Administrative Officer

Durham County Council
Grade 4 £25,583 - £26,824
An exciting opportunity has arisen for a Administrative Officer to join our busy, friendly team, supporting Children and Young People’s Services. 1 x Spennymoor
Recuriter: Durham County Council

Lunchtime Play Worker

Durham County Council
£24,796 pro rata
Lunchtime Play Worker Grade 1 £24,796 pro rata Part Time - 6.25 hour per week, Monday – Friday
Recuriter: Durham County Council
Linkedin Banner