Logo

Welsh Government settles legal action against property consultancies over land sale

The Welsh Government has settled legal action against Amber Fund Management and Lambert Smith Hampton in relation to the portfolio sale of 15 properties in 2012.

The legal action was initiated by the Regeneration Investment Fund for Wales (RIFW) in December 2017.

The Wales Audit Office had concluded in a report issued in July 2015 that “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”.

In a written statement to the Senedd, Julie James MS, Minister for Housing and Local Government said: “I am pleased that I can now confirm that this dispute has been resolved without the need to incur the significant costs associated with a trial.

Article continues below...


“This settlement has been reached on a commercial basis and without any admission of liability by any party. The detailed terms have been incorporated into a confidential settlement agreement between the parties.”

The Minister added that the £40.7m that until now had been tied up in the Fund can now be made available to support future investments across Wales.

 

(c) HB Editorial Services Ltd 2009-2020