Sefton bailout 'absolutely' the right thing to do

Mon, 24 Feb 2014

Saving the struggling Sefton Group from collapse was ‘absolutely’ the right thing to do according to the Island’s Chief Minister.

The official report into the 2013 bailout, compiled by an economic policy committee, triggered a lengthy debate in Tynwald last week.

It came after government loaned the group £1.3 million of public money and entered a landswap deal worth £3.2 million.

The committee concluded that government’s legal powers had been stretched to the limit but there will be no official re-examination of the decision.

Allan Bell says he will now look to strengthen legislation: