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Labour Ministers have accepted recommendations made in a highly critical report by AMs which looked into a £3m investment in a Swansea company.

 

Steel-coating firm Kancoat was offered funds despite civil servants warning that the company had a “weak” business plan, and that it represented a high risk investment.

 

The report proposed eleven changes in total, of which ten are to be accepted.

 

Shadow Economy Secretary, Russell George, said;

 

“The Public Accounts Committee made a series of recommendations and I am pleased to note that the Welsh Government has accepted almost all of them.

 

“The Kancoat affair was not the first time that time the Welsh Labour Government has taken decisions which have led directly to a massive loss for the Welsh taxpayer.

 

“In this instance substantial investments were made in the face of sound advice and despite numerous red flags.

 

“Yet, disturbingly, no one seems willing to take responsibility for the failure and there is little evidence to suggest that lessons have been learnt.”

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