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

Chief Executive

Ebbsfleet Development Corporation
up to £165,000
Ebbsfleet is one of the UK’s most ambitious regeneration projects, a 21st-century Garden City Ebbsfleet, Kent
Recuriter: Ebbsfleet Development Corporation

EHC Assessment and Review Co-Ordinator - Part Time

The Royal Borough of Kensington & Chelsea Council
Up to £44937 per annum
Champion the journey for children and young people with special educational needs, ensuring they have every opportunity to thrive.This is a part time, England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Part Time Environmental Health Officer (Housing and Caravan/Mobile Home Site Licensing)

Ribble Valley Borough Council
SO2 (scp 29-32) £39,862 to £42,839 per annum pro rata
We are looking for an enthusiastic, self-motivated and experienced Environmental Health Officer Clitheroe, Lancashire
Recuriter: Ribble Valley Borough Council

UTMC Principal Engineer

Kirklees Metropolitan Council
£37,035-£45,718 (dependent on experience)
Join our team at Kirklees Council and help shape the future of urban mobility. Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Coroners and The County Mortuary Service Manager

West Northamptonshire Council
£55036 - £58879
About the role West Northamptonshire Council is seeking a dynamic and experienced Coroners and County Mortuary Service Manager to lead the operational delivery of two critical services
Recuriter: West Northamptonshire Council
Linkedin Banner