The Media Development Fund and governance procedures
Sunday, January 19th, 2020 - 53 minutes
This week, Perspective revisits a topic which, behind all of the political activity of the present day, continues to bubble away in the background.
Some years ago, big promises were made when it came to the film industry.
To quote an MHK who would go on to become treasury minister, "I am pleading with you to cast off that starry-eyed spell that has been waved over you and start appreciating facts: there is no proper due diligence; there is no business plan."
Alf Cannan was speaking about the Media Development Fund – which incurred losses of between 26 and 27 million pounds.
In October, Perspective documented the first public oral evidence session of a committee, which was tasked with investigating these extensive losses, identifying whether further investigation is needed, and whether there are any changes to governance procedures required as a result of this situation.
This week, the committee held its sixth public oral evidence session, and it was the turn of the Treasury Minister, Alf Cannan, and Chief Financial Officer Caldric Randall.
The focus for this meeting was about the present day, and current governance procedures.
The committee is made up of MHKs Clare Barber and Ann Corlett, plus Kate Lord-Brennan MLC.
We listen in to that public oral evidence session - but first, we hear from Kate Costain MHK, who successfully argued for a team of three Tynwald members to look into the issue in July 2018.