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+--- Thread: DED still paying off TT sponsorship (/showthread.php?tid=14544)
DED still paying off TT sponsorship - Malcolm - 21-11-2012
![[Image: johnshimmin.jpg]](http://www.ttwebsite.com/gifs/johnshimmin.jpg)
The Department of Economic Development is still paying out for a costly TT sponsorship deal.
That’s according to Minister John Shimmin who was quizzed on the department’s engagement with Signature Sponsorship Ltd yesterday.
It follows an investigation earlier this month which found that no contract for the lucrative £1.6 million deal had ever been signed - despite Signature being paid £70,000 per year plus £15,000 in expenses and 22.5 per cent commission.
Mr Shimmin told Tynwald his department has a temporary contractual obligation to pay commission which has been inherited following the government restructure in 2010.
He confirmed that this would come to an end after the income has been received from next year’s TT Races.
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RE: DED still paying off TT sponsorship - dedhummm - 21-11-2012
(21-11-2012, 10:45 AM)Malcolm Wrote:
The Department of Economic Development is still paying out for a costly TT sponsorship deal.
That’s according to Minister John Shimmin who was quizzed on the department’s engagement with Signature Sponsorship Ltd yesterday.
It follows an investigation earlier this month which found that no contract for the lucrative £1.6 million deal had ever been signed - despite Signature being paid £70,000 per year plus £15,000 in expenses and 22.5 per cent commission.
Mr Shimmin told Tynwald his department has a temporary contractual obligation to pay commission which has been inherited following the government restructure in 2010.
He confirmed that this would come to an end after the income has been received from next year’s TT Races.
.
Hang on MGP had a loss of (DED figures) £30K and all hell breaks loose and these 'responsible' people are paying £70k plus expenses a year for what exactly, oh thats right an unsigned contract that was someone elses fault. You couldnt make this up could you.
Dave