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The purpose of this statement is to inform Members of action I am taking with regard to the activities of the Regeneration Investment Fund for Wales. In Autumn 2012 the Wales Audit Office (WAO) announced that it was undertaking a value for money study into the disposal of land assets vested in the Fund by the Welsh Government. This was followed by a further announcement by the WAO that it was broadening the scope of its study to encompass the aims, governance and operations of RIFW, including its ongoing business, together with consideration of the effectiveness of the Welsh Government’s oversight arrangements for the Fund.  Following this widening of the WAO investigation the Welsh Government instructed Amber Fund Management who manage the Fund on our behalf to pause the Fund’s activities.  


In order to minimise the disruption this is causing to the Fund’s business and its pipeline of regeneration projects, I am today announcing two reviews into specific aspects of the Fund’s activities that will be commissioned by the Welsh Government.  The first review will be a peer review of the process by which the Fund disposed of the land assets vested in the Fund by the Welsh Government.  The Auditor General’s letter to Byron Davies in October made it clear that this was an important focus of the value for money exercise to be conducted by the WAO.  My officials have been working closely with the staff of the WAO as they conduct their investigation.  I am pleased that the WAO have agreed to the peer review being commissioned by the Welsh Government, but in such a way which will enable the outcome of our review to also provide evidence for the wider exercise being conducted by the WAO.  


I am also commissioning an internal review of the Fund’s activities and our oversight of it during the period which included the land disposal.  The purpose of the review will be to identify whether there are early actions we might take to enable its activities to recommence.  Once again this review will be conducted with the agreement of, and  in close cooperation with, the WAO.  My intention in commissioning both these reviews is to remove the uncertainty which currently surrounds the Fund’s activities as a result of the WAO investigations as quickly as possible.


I would like to acknowledge the continued cooperation of Amber the Fund Managers during this period.  It is important that we can maintain as wide as possible a range of innovative investment mechanisms such as RIFW as we respond to the challenge of supporting regeneration projects and promoting growth and jobs.  I will provide a further statement on the Fund in due course.


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 







Translation:


 
Bwriad y datganiad hwn yw hysbysu Aelodau o’r camau yr wyf yn eu cymryd yn gysylltiedig â Chronfa Buddsoddi Cymru mewn Adfywio.  Yn ystod tymor yr Hydref 2012, cyhoeddodd Swyddfa Archwilio Cymru ei bod yn cynnal astudiaeth gwerth am arian o’r broses o waredu asedau tir a roddwyd i’r Gronfa gan Lywodraeth Cymru.  Cafwyd cyhoeddiad pellach gan y Swyddfa Archwilio ei bod yn ehangu cwmpas ei hastudiaeth i gynnwys amcanion, dulliau llywodraethu a gweithrediadau y Gronfa, gan gynnwys ei busnes parhaus, yn ogystal ag ystyried effeithiolrwydd trefniadau Llywodraeth Cymru o arolygu’r Gronfa.  Yn dilyn yr ehangu hwn o ymchwiliad Swyddfa Archwilio Cymru, rhoddodd Llywodraeth Cymru gyfarwyddyd i Amber Fund Management, sy’n rheoli’r Gronfa ar ein rhan, i oedi gweithgareddau’r Gronfa.  

Er mwyn lleihau’r tarfu y mae hyn yn ei achosi i fusnes y Gronfa a’i chyfres o brosiectau adfywio, rwyf heddiw yn cyhoeddi dau arolwg i agweddau penodol ar weithgareddau’r Gronfa, fydd yn cael eu comisiynu gan Lywodraeth Cymru.  Bydd yr arolwg cyntaf yn arolwg cydweithwyr o’r broses a ddefnyddiodd y Gronfa i waredu’r asedau tir a roddwyd iddi gan Lywodraeth Cymru.  Roedd llythyr yr Archwilydd Cyffredinol at Byron Davies ym mis Hydref yn ei gwneud yn glir bod hwn yn ffocws pwysig ar gyfer yr ymarfer gwerth am arian oedd i gael ei gynnal gan y Swyddfa Archwilio.  Bu fy swyddogion yn cydweithio’n glos gyda staff y Swyddfa Archwilio wrth iddynt gynnal eu hymchwiliad.  Rwy’n falch bod y Swyddfa Archwilio wedi cytuno i’r arolwg cydweithwyr a gomisiynwyd gan Lywodraeth Cymru, ond i’w gynnal yn y fath fodd a fydd yn golygu y bydd canlyniad ein harolwg hefyd yn darparu tystiolaeth ar gyfer yr ymarfer ehangach a gynhelir gan y Swyddfa Archwilio.  

Rwyf hefyd yn comisiynu arolwg mewnol o weithgareddau’r Gronfa a’n proses ni o’i harolygu yn ystod y cyfnod a oedd yn cynnwys gwaredu’r tir.  Bwriad yr arolwg hwn fydd nodi a oes unrhyw gamau cynnar y mae modd inni eu cymryd i sicrhau y gallant ailddechrau ar eu gweithgareddau.  Unwaith eto, cynhelir yr arolwg hwn gyda chytundeb, ac mewn cydweithrediad clos, â’r Swyddfa Archwilio.  Fy mwriad i wrth gomisiynu’r ddau arolwg hwn yw dileu unrhyw ansicrwydd sy’n bodoli ar hyn o bryd ynghylch gweithgareddau’r Gronfa, o ganlyniad i ymchwiliadau y Swyddfa Archwilio, a gwneud hynny cyn gynted â phosib.  

Hoffwn gydnabod cydweithrediad parhaus Rheolwyr Amber Fund yn ystod y cyfnod hwn.  Mae’n bwysig inni gynnal ystod mor eang â phosib o ddulliau arloesol o fuddsoddi, megis y Gronfa Adfywio wrth inni ymateb i’r her o gefnogi prosiectau adfywio a hyrwyddo twf a swyddi.  Byddaf yn darparu datganiad pellach am y Gronfa cyn bo hir.