Finance centre: Questions asked over why report has not been made public

As debate over the Jersey Development Company’s plans continues, the chairman of the Corporate Services Scrutiny Panel, Deputy John Le Fondré, whose panel is reviewing the proposed scheme, refused to give a copy of the report to the JEP but hinted that it would be published at a later date.

An artist's impression of the building

The Jersey Development Company’s plans for the Jersey International Finance Centre on the Esplanade car park site include six new buildings.

Proposals were put forward in December for the third building in the scheme, which the Jersey Development Company described as ‘a clear sign’ of progress and interest in modern office space

To date, the organisation has secured planning permission for two large office blocks as well as the underground parking that will form part of the overall plans.

If approved, the latest plans would provide 69,000 square feet of office space in a building overlooking the roundabout on Route de la Libération.

Lee Henry, the managing director of the Jersey Development Company said that the latest planning application envisaged outdoor table tennis tables for everyone to use and that future plans would include a café.

Under the plans, a number of parking spaces have been relocated to unused scrubland near Jardins de la Mer while the work is carried out.

However, Treasury Minister Alan Maclean, who made a formal request to the panel asking to see the report several weeks ago, has raised questions about why some Scrutiny submissions are being published online but the report is being kept private.

States sources have previously said that the document, produced by independent UK property consultant Richard Law, supports the plan to build the Jersey International Finance Centre as proposed by the JDC. But Deputy Le Fondré said that Mr Law’s report was not an appraisal of the JDC’s finance centre scheme.

He added: ‘A short comments paper has been received which has contributed to the panel’s deliberations.

‘For the avoidance of any doubt, we have not, as yet, commissioned any independent appraisal of the scheme, contrary to comments from other parties.’

Senator Maclean said he looked forward to seeing the report and hoped he would be allowed access to it as soon as possible.

He added: ‘I think the report should certainly be aired publicly and I suppose that the question is, when?

‘I think it’s not unreasonable from where I sit to see the report, as the panel instructed an independent expert to undertake a job for them.

‘My understanding is that that has happened and the panel has had the report.

‘As public money has been spent on obtaining this report from an independent expert, it’s not unreasonable to publish it.

‘There has been a lot of commentary from those expressing opinions about the development shown on the Corporate Services website, so one does have to ask why the panel pick and choose between what’s being published or what isn’t.

‘Either publish everything that comes in or show nothing until the end of the review.’

An artist's impression of the Jersey International Finance Centre

‘It is Dandara’s view that the proposed development does not in any way represent the best (indeed any appreciable) socio-economic value to the States of Jersey on behalf of the people of Jersey.

BATTLE lines have been drawn over the Jersey International Finance Centre for some time.

Dandara say the project could cost taxpayers £74 million. They may be competitors, but their warning should not be kicked into touch for that reason.

Managing director Martin Clancy has years of experience in Jersey and knows the local market. When his team builds an office block, they know exactly how much every inch of it will cost and will build it to a specification which balances profit with client requirements.

As investors in this project, taxpayers are being asked to make a leap of faith and trust that a States quango can deliver a massive development project on budget. Experience of public projects, dogged by fall-outs with contractors, sluggish decision-making and an appetite for the grandiose, does not inspire confidence.

The JDC have a clear and unequivocal remit from the States to develop. They must be scrutinised every step of the way to make sure the project returns a profit.

Transparency and accountability are crucial.

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