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Council lost £1.8m after trading of £1.9m loan for almost ‘valueless’ Bluestone shares

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PEMBROKESHIRE politicians have slammed a council leadership bid in the wake of revelations that the previous administration lost £1.8m by exchanging a £1.9m loan in the Bluestone holiday village for shares.

At the full council meeting of Pembrokeshire County Council on May 11, members heard the secured £1.9m loan investment in Bluestone was exchanged for shares which – at best – have been valued at £70,000.

Cabinet member for finance, Alec Cormack told members at the May 11 meeting that the very best annual dividend received on the shares was £5,250, meaning it would take 340 years to recoup the apparently written-off loans.

The behind-closed-doors decision, made by the previous council administration’s Cabinet in 2009, also included the removal of a previous agreement securing public access to the Blue Lagoon water park, then known as Waterworld.

The issue was raised at the May meeting by Councillor Alan Dennison, a new member of the council’s Independent Political Group (IPG), which also happened to be the previous administration.

In a submitted question, he asked full council: “Given the council’s previous investment in Bluestone of a 1.9 million secured loan, now converted into shares, can the Cabinet Member advise what return on investment per annum has been received over the last five years in share dividends or any other form of income?”

Members heard that amounted to just £19,000 in five years.

The £110m Bluestone eco-resort, near Narberth, opened in August 2008.

Early on, the county council invested two loans, adding to a total approaching £1.9m, the lion’s share in respect of Waterworld – now called the Blue Lagoon – with the key justification being there would be year-round public access for the public.

In 2009, it was reported that the county council took up an equity share option in the company behind the Bluestone holiday village, exchanging its loans for them.

Cllr Cormack answered Cllr Dennison’s question at the May 11 meeting, saying the original £1.9m investment was secured with a legal charge on land at the land registry, but was later exchanged for shares with no guarantee and the loss of the public’s right to access the-then Waterworld.

It was in 2009 that the confidential behind-closed-doors decisions were made, removing the loans and the guarantees, members heard.

“The council’s lost £1.8m of the £1.9m – roughly 95 per cent – of the IPPG investment and the public’s lost the guaranteed right to use the Bluestone pool,” said Cllr Cormack.

“At this rate, if we took that maximum dividend amount of £5,250, the council would get its money back in roughly 340 years.”

Speaking after the meeting, a spokesperson for the Pembrokeshire Labour Group praised Cllr Cormack’s role in bringing the information to the public domain.

“Cllr Cormack’s revelations about what had been agreed by the IPG administration are astonishing. There is simply no justification, whatsoever, for the decision by the Independent Political Group (IPG) cabinet leader of the time [Cllr Jamie Adams] to convert the loan into shares.

“Not only do they contain no justification for the decision; it’s clear the IPG swopped a secure loan for shares without any consideration of the consequences. They traded the people of Pembrokeshire’s access to the blue lagoon and £1.8m of taxpayers’ money for shares worth less than £70,000.

“Not only were they worth just £70,000, they’re also non-voting shares meaning this shoddy deal failed to secure this authority any influence over the company – it absolutely beggars belief.”

Referring to a forthcoming vote of no confidence in Council Leader David Simpson, in favour of IPG group member Huw Murphy, the spokesperson added: “This is the same Independent Political Group who are now desperate to run the council again and they’ll need the backing of the Tories to do it. The question must be, what secret deal have they cut to short-change the people of Pembrokeshire again?”

Councillor Jamie Adams, leader of the IPG group, has been contacted to comment.

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Crime

Police appeal for information after several tractors stolen

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POLICE officers in Pembrokeshire investigating a theft from several tractors, which happened overnight between April 17-18, 2024.

The tractors had been in a field near to Loch Turfin, Haverfordwest.

Included in the stolen items were vehicle keys, tools and waterproof clothing.

A spokesperson said “Police are now appealing for anyone with information that could help them with their investigation to contact PC 772 Boyt either through a direct message on social media, online at: https://bit.ly/DPPContactOnline, by emailing [email protected] or by calling 101.

“Quote reference: 24*355571”

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Community

Pembrokeshire firefighters help deliver fire engines to Ukraine

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FIRE services from across the United Kingdom have rallied together to donate vital firefighting equipment to Ukraine, amidst ongoing conflicts that have seen local fire stations and firefighters come under direct attack.

The Mid and West Wales Fire and Rescue Service (MAWWFRS) was at the forefront of this international goodwill effort, donating three fire appliances and dispatching nine of their personnel to ensure safe delivery.

The initiative, coordinated by Fire Aid UK, involved a total of 11 UK fire services. Over a grueling 5.5-day journey that spanned several countries—starting from Kent Fire and Rescue Service and moving through France, Belgium, the Netherlands, Germany, and into Poland—33 fire appliances were transported to a location just 20 miles from the Ukraine border. They left Kent on April 23.

This convoy, laden with not just fire engines but also 3000 items of critical firefighting gear including cutting equipment, fire hoses, first aid kits, and generators, was a sight of resilience and humanitarian commitment. Watch Manager Rob MakePeace, a Business Fire Safety Officer, and Watch Manager Keith Jenkins, who is retired but still oversees part-time personnel at Haverfordwest, played pivotal roles in the operation from Pembrokeshire.

Speaking on the experience, Keith Jenkins expressed the profound impact of the mission, “It was a fantastic experience to be involved in. The convoy itself was an amazing sight, but the people we met, places we stayed and the reason we were delivering the appliances was something we will remember for a long time.”

The donation comes at a critical time for Ukraine, where daily attacks have not only jeopardized the lives of local firefighters but have also devastated much of the essential infrastructure needed to fight fires effectively. The additional appliances and equipment from the UK are expected to significantly bolster the capabilities of the Ukrainian fire departments, providing them with the necessary tools to save lives and protect property under dire circumstances.

This act of generosity and the strenuous efforts by the UK firefighters underscore a deep commitment to aiding those in peril, transcending borders and showcasing the best of international cooperation and humanitarian assistance.

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News

Protest outside Stephen Crabb’s office over Rwanda deportations

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SUPPORTERS of West Wales Stand Up to Racism group will attend a protest outside the office of Stephen Crabb MP in Market Street at 6pm on Tuesday evening (May 7).

The protest is to highlight the inhumane scheme to send refugees to Rwanda.

Since the Rwanda Bill was finally passed last week, refugees have already been identified, detained and are being prepared to be flown to Rwanda to have their asylum claims processed there.

Rushi Sunak has said “To detain people while we prepare to remove them, we’ve increased detention spaces to 2,200.

“To quickly process claims, we’ve got 200 trained, dedicated caseworkers ready and waiting. To deal with any legal cases quickly and decisively, the judiciary has made available 25 courtrooms and identified 150 judges who could provide over 5,000 sitting days.”

The protestors are asking: why is all this money being spent when these vulnerable people could have their asylum claims dealt with in the UK?

If the Prime Minister hoped his Rwanda plan would help get more votes for the Conservative Party in the recent elections, it would appear he was mistaken.

A new report from the Refugee Council warns that the UK Government’s flagship Illegal Migration Act and Rwanda Plan will lead to another catastrophic “system meltdown”, trapping over 100,000 people in permanent limbo while costing taxpayers billions.

West Wales Stand Up to Racism has campaigned against the Government’s plan to send refugees to Rwanda from the time this scheme was first suggested.

Supporters have previously met with Simon Hart MP and attempted to deliver a giant postcard to his office.

The group has taken part in the online Hands in Protest project organised by Artisan Avenue, Tenby which allowed everyone to express on line how they felt about Rwanda by submitting drawings of their own hands. The collective Hands In Protest gives a powerful message that the Rwanda plan should be stopped.

The organisers said: “Supporters will be once more taking the giant postcard on Tuesday, to protest about the Rwanda scheme. We will have small post cards for supporters to write messages to Stephen Crabb, telling him how strongly we feel about this.

“All over the UK, anti-racists are picketing Home Office buildings to show their opposition to the Rwanda scheme and are trying to prevent arrests and giving support to the refugees being arrested and detained.

“West Wales Stand Up to Racism supporters want to make their voices heard too.”

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