I am pleased to be able to inform Members of the Senedd that the legal action initiated by the Regeneration Investment Fund for Wales (RIFW) has been settled.
The decision to issue proceedings in this case was announced by way of a Written Statement by the then Minister for Housing and Regeneration on 22 January 2018. RIFW had issued proceedings against Amber Fund Management and Lambert Smith Hampton in relation to the portfolio sale of 15 properties in 2012. I am pleased that I can now confirm that this dispute has been resolved without the need to incur the significant costs associated with a trial.
This settlement has been reached on a commercial basis and without any admission of liability by any party. The detailed terms have been incorporated into a confidential settlement agreement between the parties.
I am pleased to be able to reassure Members that the £40.7 million that until now has been tied up in the Fund can now be made available to support future investments across Wales.