Excellent. Project needs to die, someone somewhere is bleeding a large amount of money from this for no advancement
https://www.motorsport.com/motogp/news/welsh-government-circuit-of-wales-proposal-motogp-924032/
Yep. They were trying to privatise the profits, but any loses would have been underwritten by the local government. Also they were refusing to reveal where the private funding was coming from, and under money laundering rules any public body cannot invest in any scheme where the source of money is not revealed. So this was never going to get off the ground as they weren’t using the “Corporate Confidentially” cause bullshit.
Surely they could have gotten around that by simply renaming it to Bow - ‘Bank of Wales’ then none of above would be an issue?
[quote] Yep. They were trying to privatise the profits, but any loses would have been underwritten by the local government. Also they were refusing to reveal where the private funding was coming from, and under money laundering rules any public body cannot invest in any scheme where the source of money is not revealed. So this was never going to get off the ground as they weren't using the "Corporate Confidentially" cause bullshit. --- Kevsta [/quote]The money laundering rules are really strict. Although I work in IT I have had to training in money laundering regulations because Housing Associations which are private organisations and/or charities have to comply with Local/National Government regulations on Fraud and Money Laundering.Surely they could have gotten around that by simply renaming it to Bow - ‘Bank of Wales’ then none of above would be an issue?
Pat
If there is any hint of impropriety then you have to report it, and walk away. So the fact they won’t reveal who is providing the funding just makes the alarm bells ring. That and the CoW wants the profit, but if there are any losses then well we’ll shaft the Welsh Assembly for the money. Fuck you springs to mind.
While I appreciate that if it all went ahead, the people who led it should get some performance related bonus, this is obscene http://www.walesonline.co.uk/news/wales-news/huge-rewards-circuit-wales-backers-13276015#ICID=sharebar_twitter
also telling that for a scheme that was meant to create local jobs, they gave the construction contract to a Catalan company.
Well they are spreading the money about:
I want to see a picture of JESS ;-)
It’s a shame really as I was looking forward to a track in the uk being built and designed with MotoGP in mind
@ Curtis. Me too.
Reading Mian posts they are a little sensationalist, but still quite alarming. Reading another site, the original unwriting cost was £30 million, and then that went up to £350 million. They really didn’t want to face any loses but really wanted to suck the shit out it if it was successfull. Well if you want a £40 million payout if it is successful then risk your own money not the governments.
The 6000 jobs was also apparently pie in the sky, with several sources saying that it would create 100 jobs at the most.
It is a shame, because it did look like a cracking circuit, but I think this is the right decision from the Welsh Assembly.
If the Welsh government were to build it however…? They do like to spend a few hundred million rebuilding Cardiff every few years.