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| Wales land deal leaves taxpayers £15m short | Wales land deal leaves taxpayers £15m short |
| (35 minutes later) | |
| A report into the largest sale of publicly-owned land in Wales in recent years found it should have generated at least £15m more for the taxpayer. | A report into the largest sale of publicly-owned land in Wales in recent years found it should have generated at least £15m more for the taxpayer. |
| Sites were sold as one portfolio by the Regeneration Investment Fund for Wales (RIFW) for £21m three years ago. | Sites were sold as one portfolio by the Regeneration Investment Fund for Wales (RIFW) for £21m three years ago. |
| But the District Valuer, in a report by the public spending watchdog the Wales Audit Office, valued them at £36m if they had been sold separately. | But the District Valuer, in a report by the public spending watchdog the Wales Audit Office, valued them at £36m if they had been sold separately. |
| The Welsh government said economic prospects had been uncertain in 2012. | The Welsh government said economic prospects had been uncertain in 2012. |
| Auditors also said there were flaws in the sale process and weaknesses in the advice to the RIFW board, in particular from the property consultants Lambert Smith Hampton. | Auditors also said there were flaws in the sale process and weaknesses in the advice to the RIFW board, in particular from the property consultants Lambert Smith Hampton. |
| Land sites in the spotlight | |
| It also said some parties involved in the deal had relationships with the buyer and seller that could have given rise to potential conflicts of interest. | It also said some parties involved in the deal had relationships with the buyer and seller that could have given rise to potential conflicts of interest. |
| RIFW, which is a wholly-owned subsidiary of the Welsh government, sold the land to a company based in Guernsey called South Wales Land Developments. The proceeds were designed to be used to invest in regeneration schemes. | RIFW, which is a wholly-owned subsidiary of the Welsh government, sold the land to a company based in Guernsey called South Wales Land Developments. The proceeds were designed to be used to invest in regeneration schemes. |
| The report said: "Due to flaws in the way RIFW was established, in the selection of assets and also in the sale process itself, neither RIFW nor the Welsh government are able to demonstrate that value for money was achieved from the portfolio sale transaction." | The report said: "Due to flaws in the way RIFW was established, in the selection of assets and also in the sale process itself, neither RIFW nor the Welsh government are able to demonstrate that value for money was achieved from the portfolio sale transaction." |
| The sites varied from former industrial land to more than 100 acres (40 hectares) of valuable farmland earmarked for housing on the edge of Cardiff. | The sites varied from former industrial land to more than 100 acres (40 hectares) of valuable farmland earmarked for housing on the edge of Cardiff. |
| 'Best interests' | 'Best interests' |
| They were sold at a time when the potential value of many of the sites was increasing as local authority planning blueprints were being changed to allow more housing. | They were sold at a time when the potential value of many of the sites was increasing as local authority planning blueprints were being changed to allow more housing. |
| Conservative AM Darren Millar, chairman of the assembly's public accounts committee, said: "This is certainly the biggest potential loss to the taxpayer that I've seen in my time as chair of the public accounts committee and I've been chairing it for a good number of years." | Conservative AM Darren Millar, chairman of the assembly's public accounts committee, said: "This is certainly the biggest potential loss to the taxpayer that I've seen in my time as chair of the public accounts committee and I've been chairing it for a good number of years." |
| A Welsh government spokesperson said: "The valuation evidence from the District Valuer also needs to be considered alongside conflicting valuations in their report and the circumstances facing the fund in early 2012, when economic prospects were very uncertain." | A Welsh government spokesperson said: "The valuation evidence from the District Valuer also needs to be considered alongside conflicting valuations in their report and the circumstances facing the fund in early 2012, when economic prospects were very uncertain." |
| A spokesperson for Lambert Smith Hampton said: "We acted in good faith and in RIFW's best interests at all times. | A spokesperson for Lambert Smith Hampton said: "We acted in good faith and in RIFW's best interests at all times. |
| "We secured a good price for the sale of the assets, in accordance with the brief we were set." | "We secured a good price for the sale of the assets, in accordance with the brief we were set." |
| Week in Week Out, The Big Welsh Land Scandal? BBC One Wales, Wednesday 15 July at 22:35 BST |