We don’t always know who benefits ultimately from government handouts to businesses, an MHK has complained.

Liberal Vannin leader Kate Beecroft voiced concern that at present the public does always know the owners of companies who benefit from government support schemes, using taxpayers money.

Although that is likely to change when the island falls into line by introducing a public register of beneficial ownership, Mrs Beecroft was unhappy at the current regulations.

She said: ’This is a matter of what is acceptable to the Isle of Man.’

Enterprise Minister Laurence Skelly pledged that companies that do comply with the requirements of releasing information about their beneficial ownership currently do not get grants. The government would know details of the beneficial owners, but as it stands that is not available to the public.

Last week the Manx Government announced its aim to have a fully public register of beneficial ownership by the end of 2023. Jersey and Guernsey have similar plans, bowing to international pressure on transparency and meaning the names of company owners must be included on a public register.

It falls in line with the new anti-money laundering directive from the EU.

In a House of Keys question, which was tabled before that announcement, Mrs Beecroft wanted to know whether the beneficial ownership of a company was known to the government when it decided on whether to grant financial assistance.

Mr Skelly said under current legislation, companies applying to his department for financial assistance must disclose any beneficial owners or ’class of beneficial owners’ who own more than 10% of the beneficial of beneficial ownership.

He added: ’I should emphasise that although the department will know the identity of the ultimate beneficial ownership, this does not extend to the general public - although government’s recent commitments to the public register may of course alter this going forward.’

Mrs Beecroft hit out at this ’secrecy’.

She asked: ’Does he feel it is acceptable for taxpayers’ money to be used when the public, whose money it is, do not know where that money is going?’

But Mr Skelly argued that the public did know where the money was going because the department published lists of companies who benefited from grants.

He pointed to the government’s commitment for a public register of beneficial ownership.

The minister insisted public knowledge of the beneficial owners of companies receiving grants was not an issue far as he was aware and the island was complying with current law.

Mrs Beecroft pointed out the lists published by the DfE did not stage who owned the companies.