TREASURY Minister Eddie Teare came under fire in Tynwald from Liberal Vannin members after dodging an £8 million question on the Pinewood deal.
Kate Beecroft (Douglas South) said the Media Development Fund contained a balance of £33 million of which £25 million is being managed by Pinewood Shepperton as part of the deal approved by Tynwald last year. She said the £8 million difference was supposed to have gone back into the general reserve fund – and questioned whether this had happened.
‘Would be agree with me – £8 million is not chicken feed. That would pay for two years of tuition fees,’ she suggested to the Minister.
Lib Van colleague Peter Karran (Onchan) claimed the Minister had reneged on his promise to put back the £8 million into reserves. ‘Just answer yes or no. Have you given £8 million or have you not?’
But Mr Teare insisted: ‘I have not reneged on anything. We are going round and round in circles. £25 million was put under the management of Pinewood Shepperton and that remains the case.’
The Minister said the £34,924,000 balance in the MDF represented total cash together with a portfolio of film investments. He told the Manx Independent the difference between the balance and the funds under management was made up of cash from films made prior to the Pinewood deal. He said it was still his intention to put money back into reserves. He said he will give a more detailed explanation – and would have done so in Tynwald if Mrs Beecroft’s original question had been more clearly focused.
