Early concerns expressed about the Innovation Fund

Speaking during a debate on the now defunct fund and the political controversy that ensued when it emerged it had failed with up to £1.4 million of taxpayers’ money unlikely to ever be recovered, Public Accounts Committee chairman Deputy Andrew Lewis said it appeared that the fund had been set up before it was ‘oven ready’.

And he claimed that a man who originally applied to chair the fund – which was set up to support start-up companies – had identified potential problems and raised them with the Economic Development Department.

Deputy Lewis, whose panel is currently reviewing the fund, said the individual had then offered to discuss his concerns with the man who eventually became chairman but the invitation had not been taken up.

‘The department at the time was keen to get it signed off as a part solution to some of the economic growth we were all looking to achieve,’ he said.

Deputy Lewis added that the States Assembly had been asked to approve the set-up without understanding some of the risks.

Treasury Minister Alan Maclean, who was Economic Development Minister when the fund was established, confirmed the Deputy’s claims.

‘The individual that the Deputy is referring to did indeed have some comments and did consider quite carefully the role that was on offer,’ he said.

‘He had some views about the fund and ultimately he decided not to progress. There were a number of reasons,’ added Senator Maclean.

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