An investor warned Invest NI’s chief executive about problems with its investment funds in 2011. He says the losses to taxpayers from a £129 million finance scheme will be even greater than the almost £30 million projected by auditors. The Audit Office reported that Invest NI’s Access to Finance scheme is on course to make a massive loss of public money, while private investors on the same scheme will make £44 million in profit. He also identified the issue of subordination of public money, which means in practice that private investors can not only get their money back, but make a profit while taxpayers lose their investment. You can read the full story on News Letter.
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