Written question WQ95532
- Asked by
- Darren MillarConservative
- To be answered by
- Cabinet Secretary for Transport and North Wales
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
What actions has the Cabinet Secretary taken to recover money given to the Heads of the Valleys Development Company following the failed Circuit of Wales project?
Answer
Answered by Cabinet Secretary for Economy, Energy and Planning
No Welsh Government money was given directly to the Circuit of Wales. However, the commercial lender to the company called on the Welsh Government guarantee. Though no monies have been recovered, the Welsh Government has served notices on the Heads of the Valleys Development Company of their default position as a precautionary measure to secure the Welsh Government’s rights to take enforcement action at any time if it is deemed to be appropriate. However, following HOVDC entering into a Company Voluntary Arrangement (CVA) in 2018 and all other associated companies being insolvent, there is very little chance of the monies owed to Welsh Government being recovered.