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Governance Issues In The Department Of Enterprise Trade And Investments Former Local Enterprise Development Unit In Relation To The Establishment And Oversight Of The Emerging Business Trust Loan And Venture Funds
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Book Synopsis 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 by : Northern Ireland: Northern Ireland Audit Office
Download or read book 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 written by Northern Ireland: Northern Ireland Audit Office and published by The Stationery Office. This book was released on 2006-02-09 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 13 :9780215028877 Total Pages :37 pages Book Rating :4.0/5 (288 download)
Book Synopsis Governance issues in the Department of Enterprise, Trade and Investment's former Local Enterprise Development Unit by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Governance issues in the Department of Enterprise, Trade and Investment's former Local Enterprise Development Unit written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by Stationery Office. This book was released on 2006-05-18 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Stationery Office Annual Catalogue by : Stationery Office (Great Britain)
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Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
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Book Synopsis Global Trends 2040 by : National Intelligence Council
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Book Synopsis OECD SME and Entrepreneurship Outlook 2021 by : OECD
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Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
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Download or read book Statistical Reference Index written by and published by . This book was released on 1987 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Department of Economic & Social Affairs Publisher :United Nations Publications ISBN 13 :9789211045871 Total Pages :295 pages Book Rating :4.0/5 (458 download)
Book Synopsis Achieving Sustainable Development and Promoting Development Cooperation by : Department of Economic & Social Affairs
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Download or read book Bulletin of the Atomic Scientists written by and published by . This book was released on 1953-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
