Invest NI facing ‘serious questions’ over £2.5m Wrightbus loan
There are “serious questions” about the use of public money from Invest NI by Wrightbus, the chair of Stormont’s economy committee has said.
This comes amid reports that the firm’s parent company made a £1.35m donation to a religious charity when the Ballymena-based bus manufacturer was in serious financial difficulties.
Wrightbus went into administration in September 2019 and was bought by the English industrialist Jo Bamford the following month. It now employs around 400 people at its Ballymena factory.
An investigation by the BBC’s Spotlight programme found that, in January 2019, the then parent company of Wrightbus, Cornerstone, made a £1.35 million donation to Green Pastures Church.
Jeff Wright, the controlling shareholder of Cornerstone, was also a director of the church.
Invest NI is now facing questions over a £2.5 million loan to Wrightbus.
The chair of the economy committee at Stormont, Sinn Fein MLA Caoimhe Archibald, said: “Clarity is now needed on what the terms of the loan were and whether Invest NI was aware that charitable donations were being given to the Green Pastures Church while Wrightbus was reporting losses.”
In a statement, Invest NI said: “Invest NI has been completely open about the decision to provide an urgent £2.5m secured loan as part of a wider funding package to the Wrights Group. The decision to provide the loan was taken jointly by Invest NI, and the permanent secretaries of the Department for the Economy and the Department of Finance to help safeguard the business. Had this loan (of which £1.5m has already been repaid) not been advanced, it is very unlikely the company would be operating today under new management.”