Scrutiny Review of Jersey Innovation Fund

Thursday 12 January 11:42

The Public Accounts Committee (PAC) is to review all aspects of the Jersey Innovation Fund from its inception.

The Public Accounts Committee (PAC) is to review all aspects of the Jersey Innovation Fund from its inception.

The C&AG’s report has revealed considerable deficiencies in the way the Fund has been administered, with significantly more risk of loan defaults than was originally agreed by the States.

The PAC will want to thoroughly investigate and review the departments involved, in particular their Accounting Officers, and will be asking how many jobs were created for local people and how much economic growth has been achieved, as envisioned by the States when agreeing to set up the Fund.

Despite previous assurances given by departments that better financial controls are in place, the PAC Chairman commented:
‘‘I was dismayed to note the level of non-compliance with agreed policy and procedures. My committee will be reviewing all aspects of the JIF from its inception. The PAC will be particularly interested to understand how such poor governance of the Fund was allowed to continue for a sustained period without being brought to the attention of Ministers or the Assembly.”

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