Summary
Financial mismanagement was to blame for the collapse of a local enterprise agency which left behind debts of pounds 1m, a report will claim today. The demise of Antur Dwyryd-Llyn Ltd affected the lives of hundreds of, Jeremy Colman, the Auditor-General for Wales, said. The agency, established in 1988, provided business advice and training to communities in Gwynedd. Its closure in September 2004 led to 45 redundancies, 320 creditors being owed pounds 500,000 between them, and the Inland Revenue not being paid a further pounds 600,000.
The report, which will be published today, concludes that while the company was largely dependent on contracts and grants from the public sector in Wales for its survival, the Assembly Government and its sponsored bodies were not to blame for Antur Dwyryd-Llyn's collapse. Instead it points to poor internal controls and mismanagement, poor contract performance and financial instability within the company.See the full content of this document
Extract
'Poor Controls Led to Agency's Failure'
According to the report, the agency overstretched itself with ce...
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