DCSIMG

Lib Van accuse Teare of secrecy over films

Isle of Man news

Isle of Man news

Liberal Vannin has accused Treasury Minister Eddie Teare of being secretive over management fees paid to Pinewood.

But Treaury officials insist the figures are published in the detailed government accounts.

Mr Teare told Tynwald in February that Treasury had approved four films – Camera Trap, Christmas Candle, Our Robot Overlords and Pressure – and had invested a total of £7,801,000.

He said would not give the breakdown of this figure between the different films as this was a matter of commercial confidentiality.

But Liberal Vannin queried this, saying the information is freely available at Companies House.

They also seized on the recent four page pull out advertorial in the Financial Times, which stated that Pinewood gets an annual fee for running the Isle of Man Film Investment Fund but that ‘Mr Teare has kept precise figures close to his chest’.

Lib Van leader Kate Beecroft (Douglas South) said this information is freely available on Pinewood’s own website. She claimed the figures showed Pinewood received £200,000 during the year as an annual management fee, so the five year contract is worth £1m. ‘But the real question is “Why the secrecy, Minister Teare?”,’ she asked.

Mrs Beecroft has got the figures wrong, said Clive McGreal, financial controller at the Treasury.

He said the fee was £365,000 a year, with the half-year figure of £182,500 listed in the detailed government accounts published last year.

Mr Teare said the figures for management fees were made available to members ahead of the Tynwald debate on the Pinewood deal in 2012.

 

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