Circuit Of Wales Developer Awarded Contract To Firm Owned By CEO Of Developer

Wales Circuit

The company developing the "controversial" Circuit of Wales racetrack paid £969,000 ($1.2M) in consultancy fees to another company controlled by its frontman, Michael Carrick, according to Martin Shipton of WALES ONLINE.

An MP said that it was "absolutely appalling" that the Heads of the Valleys Development Company, which has received a total of £9M ($11.2M) in a grant and a loan from the Welsh Government, had paid the money to another company controlled by Carrick.

Documents disclosed to Monmouth Conservative MP David Davies under the Freedom of Information Act revealed that HOVDC said that it brought in Carrick’s other company as it needed "fund-raising and equity structuring" services which it could not "undertake internally."

Davies said, "I am not convinced that this was the best way to achieve value for money and look forward to the report being prepared on the use of taxpayers’ money so far on the Circuit of Wales project."

Davies has been "raising concerns" about the project to build a £425M ($531M) motorcycle racetrack on moorland above Ebbw Vale. Its supporters said that "it could create up to 6,000 jobs, but its progress has been delayed by difficulties in raising enough private finance to take it forward." WALES ONLINE