Proposed MotoGP track developers lambasted for spending nearly a quarter of a £2m grant on now bust motorcycle chassis manufacturer FTR.
The company behind the troubled Circuit of Wales [COW] development near Ebbw Vale has been slammed by the Wales Audit Office for buying – the now defunct – chassis manufacturer FTR Moto in 2012 for what is believed to be £400,000.
In the report of the investigation into the Welsh Government and their investment of public money into the development, the auditors suggest that the purchase was ‘inconsistent with the grant scheme’s purpose’.
In total, more than £9 million of Welsh taxpayer’s money has been spent on the COW project. With £7.3 million being forced into payment by the Welsh Government after a loan was recalled that the development firm wasn’t able to pay.
Speaking on the matter, Auditor General Huw Vaughan Thomas states that his office have identified ‘significant shortcomings’ and that he hopes that the ‘Welsh Government learns from my report, particularly if it decides to provide any further support for the project to progress’.
Speaking in reply to the findings a spokesperson for the Heads of the Valleys Development Company denies any misappropriation or wrongdoing, ‘We very carefully adhered to and implemented advice on spending eligibility’ and ‘The Circuit of Wales has at all times been fully transparent, open and clear in its engagement with the Welsh Government’.
Whatever the truth, it’s clear that the Circuit of Wales project continues to be in trouble and a source of controversy. So we should expect future GP’s to remain at Silverstone for the foreseeable future.
Source: South Wales Argus