The Welsh Government's Investment in TVR

Part of 3. Topical Questions – in the Senedd at 3:11 pm on 17 January 2018.

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Photo of Ken Skates Ken Skates Labour 3:11, 17 January 2018

I'm happy to issue written statements confirming whenever Welsh Government takes an equity stake in a company. The Member asked about the role of Finance Wales as it was, and the development bank as it now is. The development bank is monitoring the progress of the business, but the reason that Finance Wales was not able to take an asset investment in TVR was, in part, because it could not take an investment in TVR, because the company was, at the time, located outside of Wales. We were able to, on the condition that manufacturing came to Wales. 

In terms of representation on the board, as a minority shareholder, with just 3 per cent, we would not be expected to be able to present a board member. However, as I indicated this morning, a Welsh Government official does attend board meetings as an observer, and, of course, I closely scrutinise activities and progress with regard to this particular vehicle, but the company as a whole as well.