MPs have demanded an inquiry into the fate of a giant property empire built up by a Government agency designed to boost the economy of the West Midlands.
The sites were bought by Advantage West Midlands (AWM), the former regional development agency, which was created by the previous Labour government and closed down by the coalition.
It emerged after the last election that the agency, which was accountable to the Department for Business, Innovation and Skills, had spent £185 million building up a portfolio of 44 sites.
At the time, the sites had an estimated sale value of just £100 million because of falling property prices.
Some of the sites have been put to good use, such as the i54 business park in Wolverhampton where Jaguar Land Rover is creating a £355 million engine plant.
However an investigation by the BBC discovered that no records have been kept recording the fate of much of the land.
It also raised questions about whether land had been disposed of sensibly.
For example, a site in Bilston, Wolverhampton, called Bilston Urban Village, was initially bought by the agency for £3,510,000, then transferred to London-based government agency the Homes and Community Agency, and then bought by Wolverhampton City Council.
It meant West Midlands agencies or authorities paid for the same land twice, taking money out of the region.
MP Geoffrey Robinson (Lab Coventry North West) is calling for the Auditor General, the head of the National Audit Office, to investigate.
He said: “The assets must be properly accounted for. There has to be transparency and my concern is that there doesn’t appear to be any.
“I am calling for the Auditor General to investigate the transfer of these assets so that we know exactly what has happened.”
MP Bill Cash (Con Stone) also called for an inquiry and said he would be writing to the Public Accounts Committee, a Commons committee which scrutinises public expenditure, asking it to investigate.
