Police mulling probe over wound-up Welsh investment fund
5:24pm Friday 18th October 2013 in News
POLICE are considering whether to investigate the sale of land by an investment fund that was today closed by the Welsh Government.
Regeneration minister Carl Sargeant hasannounced that the Welsh Government would take over the Regeneration Investment Fund for Wales, and end its investment activities.
A probe by the Wales Audit Office is currently looking at the sale of sites across South Wales, including a site at Wonastow Road in Monmouth.
A statement from South Wales Police last night said the force “is considering whether or not an investigation into the sale of land by the Regional Investment Fund for Wales is required.”
The RFIW’s investment activities had been suspended in October 2012 after the Wales Audit Office started its work.
The minister had told the Assembly in July that his confidence in the fund as an investment vehicle had been seriously damaged by the investigations.
“These investigations are still continuing and in the circumstances I have concluded that I am not in a position to remove the moratorium on the activities of the fund,” he said.
Mike Usher, director of the Wales Audit Office, said: “It remains the Auditor General’s intention to publish the results of his value for money study of the Regeneration Investment Fund for Wales (RIFW) before the end of the calendar year.”