Governance Issues in the Department of Enterprise, Trade and Investment's Former Local Enterprise Development Unit in Relation to the Establishment and Oversight of the Emerging Business Trust Loan and Venture Funds PDF Download
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Author: Northern Ireland: Northern Ireland Audit Office
Publisher: The Stationery Office
ISBN: 0102939659
Category : Political Science
Languages : en
Pages : 64
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Book Description
This report examines major weaknesses in the part played by the former Local Enterprise Development Unit (LEDU) in the establishment and oversight of the Emerging Business Trust (EBT). The ETB was created in 1996 with funds of £3 million provided by the International Fund for Ireland and £0.75 million by LEDU, mainly administering a loan fund. In 2000 EBT also established a venture fund, with a total funding of £0.6 million. EBT voluntarily ceased to carry on business in April 2005, and a liquidator was appointed to wind up the affairs of both the loan and venture funds. Invest Northern Ireland (a development agency which assumed the responsibilities of LEDU in 2002) carried out an investigation, which identified a long list of failings: conflicts of interest, especially involving a LEDU board member who was also a partner in MTF Chartered Accountants who were the managing agents of both funds; LEDU's failure to follow its own procedures; normal public sector rules on competitive tendering were not followed; a high level of bad debt (£1.1 million was written off); insufficient monitoring by LEDU. NIAO finds that many of these failings show non-observance of the Public Accounts Committee's recommendations in its report "The proper conduct of public business" (HC 154, 8th report session 1993-94). The poor standards of administration fell far below the normal standards operating elsewhere in the Northern Ireland public sector. Invest Northern Ireland and the Department have undertaken a number of actions and current corporate governance arrangements are very different. NIAO believes there are lessons of relevance here to the wider public sector.
Author: Northern Ireland: Northern Ireland Audit Office
Publisher: The Stationery Office
ISBN: 0102939659
Category : Political Science
Languages : en
Pages : 64
Get Book Here
Book Description
This report examines major weaknesses in the part played by the former Local Enterprise Development Unit (LEDU) in the establishment and oversight of the Emerging Business Trust (EBT). The ETB was created in 1996 with funds of £3 million provided by the International Fund for Ireland and £0.75 million by LEDU, mainly administering a loan fund. In 2000 EBT also established a venture fund, with a total funding of £0.6 million. EBT voluntarily ceased to carry on business in April 2005, and a liquidator was appointed to wind up the affairs of both the loan and venture funds. Invest Northern Ireland (a development agency which assumed the responsibilities of LEDU in 2002) carried out an investigation, which identified a long list of failings: conflicts of interest, especially involving a LEDU board member who was also a partner in MTF Chartered Accountants who were the managing agents of both funds; LEDU's failure to follow its own procedures; normal public sector rules on competitive tendering were not followed; a high level of bad debt (£1.1 million was written off); insufficient monitoring by LEDU. NIAO finds that many of these failings show non-observance of the Public Accounts Committee's recommendations in its report "The proper conduct of public business" (HC 154, 8th report session 1993-94). The poor standards of administration fell far below the normal standards operating elsewhere in the Northern Ireland public sector. Invest Northern Ireland and the Department have undertaken a number of actions and current corporate governance arrangements are very different. NIAO believes there are lessons of relevance here to the wider public sector.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: Stationery Office
ISBN: 9780215028877
Category : Political Science
Languages : en
Pages : 37
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Book Description
This is one of the worst cases of conflict of interest and impropriety that the Committee has seen. The Department of Enterprise, Trade and Investment failed to ensure that the basic principles of the proper conduct of public business were observed. LEDU was an NDPB of the Department and was Northern Ireland's small business agency. The Emerging Business Trust (EBT) was set up in 1996 to provide loans and equity finance for small businesses. It received £4.35 million of public funds, including £0.95 million from LEDU. EBT went into voluntary liquidation in 2005. A forensic investigation into EBT's activities, commissioned by Invest Northern Ireland in 2003, revealed extensive failures of governance, particularly relating to conflicts of interest. In grant-aiding EBT, LEDU contributed to the formation of an organisation that substantially benefited the Deputy Chair of its own Board, Mrs Teresa Townsley. The accountancy practice in which Mrs Townsley and her husband were the only partners was appointed, without proper tendering, as managers of EBT, receiving £1.4 million in fees between 1997 and 2005. Mrs Townsley was also appointed to the Board of EBT. There were also extensive conflicting relationships between Mrs Townsley, her husband and a number of companies supported by EBT. LEDU provided no guidance on how potential conflicts of interest involving EBT's managers and its clients should be handled. At almost every stage of the project, there was a dismal failure within LEDU to apply normal controls and procedures over purchasing, project appraisal and monitoring. The Department knew of the conflicts of interest inherent in the multiplicity of roles involving Mrs Townsley but took no action.
Author: Stationery Office (Great Britain)
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 636
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Book Description
Author: OECD
Publisher: OECD Publishing
ISBN: 9264009914
Category :
Languages : en
Pages : 204
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Book Description
This publication highlights the impact of culture on local economies and the methodological issues related to its identification.
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author: National Intelligence Council
Publisher: Cosimo Reports
ISBN: 9781646794973
Category :
Languages : en
Pages : 158
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Book Description
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264852395
Category :
Languages : en
Pages : 94
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Book Description
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 114
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Book Description
Author: OECD
Publisher: OECD Publishing
ISBN: 9264579311
Category :
Languages : en
Pages : 294
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Book Description
Small and medium-sized enterprises (SMEs) and entrepreneurs have been hit hard during the COVID-19 crisis. Policy responses were quick and unprecedented, helping cushion the blow and maintain most SMEs and entrepreneurs afloat. Despite the magnitude of the shock, available data so far point to sustained start-ups creation, no wave of bankruptcies, and an impulse to innovation in most OECD countries.
Author: Karen J. Atkinson
Publisher:
ISBN: 9780692057650
Category : Indian business enterprises
Languages : en
Pages :
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Book Description
A comprehensive resource on the formation of tribal business entities. Hailed in Indian Country Today as offering "one-stop knowledge on business structuring," the Handbook reviews each type of tribal business entity from the perspective of sovereign immunity and legal liability, corporate formation and governance, federal tax consequences and eligibility for special financing. Covers governmental entities and common forms of business structures.
