On Air Manx Radio Breakfast Ben Hartley & Sian Cowper | 7:30am - 9:30am

Searching questions raised in Sefton report

 

There is to be no official re examination of the controversial taxpayer bailout of the Sefton Group.

An official report into the £4.5m loan-and-land deal triggered a lengthy debate in Tynwald this week.

The Economic Policy scrutiny committee concluded government was reasonable in its decision to help the financially troubled Sefton Group, in the interests of the wider Manx economy. 

However, government stretched its legal powers to the limit and beyond, in the use of funds which had been established for different purposes.

An MHK's call to have the whole matter referred back to the committee was rejected.

Instead Tynwald members voted to allow changes to the Enterprise Act, creating a set of rules to help companies of 'strategic importance' to the Island in future. 

Economic development minister John Shimmin faced resignation calls after he apologised to Tynwald for failing to make clear which legislation had been used to help save the Sefton Group.

The committee's report was received by Tynwald but there is some way to go before its recommendations are enforced.  

Michael MHK Alf Cannan highlights a key issue for him: 

 

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