Controversial fund closure late but welcome says Tory

The decision by the Welsh Government to take direct control of the controversial Regeneration Investment Fund for Wales has been welcomed by the Conservative AM who first raised the concerns. But Byron Davies says he wants to know why it's taken so long to reach such a decision.

I welcome the cancellation of activity by the Regeneration Investment Fund for Wales (RIFW) as currently constituted. For over a year, I have been voicing my concerns about why the taxpayer has lost millions of pounds in the mis-selling of pieces of land.

Openness and transparency are critical in rooting out wrongdoing from public life and delivering value for money for hard-pressed taxpayers.

Selling off large pieces of valuable land in private deals was never going to deliver value for money for the public purse and it is vital that this Labour Government learns the lessons.

Investigations are still on going, and I will be asking serious questions about why it has taken this long for this decision to be taken given how long serious concerns have been raised.

– Byron Davies AM, Shadow Transport minister

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Investment fund taken over

The Welsh Government has said it will take direct control of the Regeneration Investment Fund for Wales, after a Wales Audit Office investigation into the sale of land.