News In Focus
21 August 2006
Report claims mismanagement of common good fund
An investigation has been launched into the alleged mishandling of land and assets belonging to the people of Edinburgh, following the production of independent research.
Land reform expert Andy Wightman's report claims that about £25 million worth of land owned by the taxpayer and managed by the local authority has been mishandled.
Mr Wightman's report states that the recovery of lost assets could mean millions of pounds worth of land could be released for community developments.
The report revealed that the former Waverley Market was transferred out of the common good fund by councillors in 1982 before being replaced by the Princes Mall shopping centre. The centre has been sold on, but if it had remained in the common good fund then it could have earned millions of pounds in rent.
Councillors have agreed to an investigation. A spokesperson for the City of Edinburgh Council said it was developing an overall asset management plan and would be reviewing the common good fund.