Wales wrote off another £27.1 million well its only taxpayers’ money just like £150 Million on the M4 the road to nowhere
Labour donor-run investment fund wastes tens of millions of taxpayers’ cash
The Welsh Conservatives have tabled a topical question to the Labour Economy Minister today, on the announcement that the Labour Government in Wales wrote off £27.1 million in its 2022-23 accounts following the closure of the Welsh Life Sciences Investment fund, chaired by Labour donor Sir Chris Evans.
Commenting following her topical question in the Welsh Parliament to the Labour Economy Minister Vaughan Gething, Welsh Conservative Shadow Transport and Technology Minister, Natasha Asghar MS said:
Senedd has once again attempted to avoid scrutiny
“Labour Ministers in the Senedd have once again attempted to avoid scrutiny and dodge questions by trying to bury this scandalous waste of tens of millions of taxpayers’ cash and slide it through on the last sitting day of the Welsh Parliament before the summer recess.
“This Labour donor-run investment fund was supposed to have made a profit, but that return on investment never came to fruition. Will there be no end to inept Labour Ministers short-changing the people of Wales?
“This kind of recklessness with taxpayers’ money comes as no surprise from Vaughan Gething, who as Health Minister failed to read key preparedness papers before or even during the Covid pandemic and from a Labour Government intent on wasting £100 million on sending 36 more politicians to Cardiff.”
Development Bank of Wales
The Welsh Government invested £50m in the Wales Life Sciences Investment Fund. The current value of the transferred assets, according to their statement, is in the region of £2.5m. The board of the Development Bank of Wales realised previous accounting impairments to write-off £27.1m in its 2022-23 accounts.
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