Will the Minister confirm whether the Welsh Government conducted a thorough due diligence process before awarding a £1 million grant to Kukd.com?
I intend to publish the outcome of the investigation into Kukd.com once the appropriate clearances have been given.
All offers of financial support to businesses are subject to a due diligence process. In the case of Kukd.com this included additional scrutiny from the Welsh Industrial Development Advisory Board before being passed to Welsh Ministers for approval.
In May 2015 the Welsh Government received a formal complaint concerning accusations relating to the financial support provided. An investigation was launched by the Welsh Government’s Head of Counter-Fraud. No Terms of Reference are drawn up in such cases.