The Development Bank Of Wales

The Development Bank of Wales (DBW) has been in the news a lot recently, and it’s usually bad news. About loans for individuals or companies of questionable probity and / or dubious commercial viability.

The case that’s gained most publicity was the £400,000 loan made to the generous, landfill-owning mate of our mercifully short-lived first minister Vaughan Gething.

The (R) you’ll see next to some names will be explained at the end.

BETWS-Y-COED

I should warn you that what might appear to be a simple tale of the DBW making a loan to some guy opening a hostel in Betws-y-Coed gets rather complicated. But interesting, so it’s worth paying attention.

For those unfamiliar with this large village in the Conwy valley, maybe it’ll help if I tell you the wife and I avoid it between Easter and October. It’s a tourist trap; nice for all that, but best enjoyed when it’s not choked with coachloads of wrinklies from Warrington and Wolverhampton.

The piece you’re about to read took off when a comment to last week’s posting drew my attention to this item in the Daily Post. Intrigued, I naturally got to wondering about the man named, Rowern Wong (R), so I made enquiries.

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It turns out that Mr Wong has a number of property companies, and many associates. Put together it paints an interesting picture. And opens up quite a few possibilities.

Before delving into who’s who and what’s what, I can tell you that whoever now owns Bryn Llewelyn, the change of ownership has not yet been notified to the Land Registry. So there’s little point in me showing you the title document I downloaded.

Though this Google image from May this year suggests the builders are at work.

CONNECTIONS

Mr Wong’s company is named as Base Camp Snowdonia. Here’s the website. And here’s the Companies House entry.

You’ll see that the company in Wales was formed in December last year, and has since been joined, in July, by Base Camp Hathersage Ltd. Hathersage being a village in the Peak District. Both are controlled by Base Camp Hostels Ltd, formed in April last year.

So who’s behind the parent company?

If we turn to the ‘Persons in significant control’ tab it tells us that Wong was running things until the first of January, but now there’s no one listed as PSC. This probably links with the arrival of Mr Alexander Gibbs as a director on New Year’s Day.

And who is Alexander Gibbs?

Well, if it’s this guy (R), then he’s the Principal of Terra Firma Capital Partners. Here’s the Companies House entry. And if we click on the ‘significant control’ tab, we learn that the company is owned by Mr Guy Hands, who lives in sea-girt Guernsey.

UPDATE: Alexander Gibbs left Base Camp Hostels Ltd on September 19, the day after this blog piece appeared.

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Someone who became a Terra Firma director in May was Ajay Kumar Bahl, a chartered accountant. Looking at Bahl’s other directorships, among them is Pant y Maen Wind Ltd, which he joined in July.

This company is said to be owned by Brenig Wind Holdings Ltd. Which I can’t find. I can only find Brenig Wind Holdings II Ltd, based in Guernsey. So can we guess who’s behind this?

The only other director of Pant-y-Maen Wind is Oliver Gordon Hughes, who is a very busy boy indeed. With a number of Welsh names among the ‘renewables’ companies he’s been involved with.

The most recent among them is the International Sustainable Forestry Coalition, which Hughes joined in April. This looks like greenwashing. Finding land on which to plant trees and harvest whatever grants are going. Only formed last December.

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‘Social justice’! ‘Circular bioeconomy transitions’! Did youse ever read such simpering bollocks! The company is owned by Australian Ross Hampton. The other directors are Aussies, Americans, Japanese, a few Scandinavians, a Brazilian and an Englishman.

Under the ‘About’ tab, we learn . . .

The ISFC is a Company limited by guarantee (not for profit) registered in the United Kingdom. Each member company has the right to nominate one individual to become a Director of the ISFC.

So each director of this cuddly, not-for-profit front is there representing a major corporation looking to plant trees in order to save the planet make lots of easy money out of the ‘carbon is evil’ nonsense.

Before pushing on, let’s recap. This story started with someone opening a hostel for hikers in Betws-y-Coed, and landing a £500,000 DBW grant.

But the parent company, Base Camp Hostels Ltd, links with a big-shot financier in the Channel Islands, and various green scams, quite a few of which seem to be in Wales, including Pant-y-Maen wind farm south west of Denbigh.

I’ll end this section by mentioning two other companies run by Rowern Wong.

The first, Mount Fitzroy Partners Ltd, was launched in October 2016 and dissolved two years later without apparently doing anything.

July 2023 saw the birth of Walbrook Ventures Ltd (originally The Marylebone Trading Co Ltd). Now six weeks late with the first confirmation statement.

SHARES

On the same day in April Base Camp Hostels moved its address from Wong’s pad to the second floor at 168 Shoreditch High Street an intriguing share distribution was registered with Companies House.

These are divided into Founder shares and Ordinary shares. Wong has 100,000 of the former, Gibbs 75,000.

The Ordinary shares introduce a number of interesting players. I’ll take them in the order they appear on the Companies House document. Leaving aside Wong and Gibbs, the first name we come to is:

BERNIE BOYLAN, and I think this is our boy.

BARTOSZ JASKULA (R), may be this guy. But Companies House says he’s no longer with Mergerlinks Ltd. He goes climbing with Wong.

CALLUM LAITHWAITE must be this guy.

TERANCE LI. Is it this guy?

ALEXANDER MAXWELL-SCOTT. I’m fairly sure this is him.

B72 VENTURES UG. As the name suggests, is German, based in Mannheim.

LIDEN HOLDINGS LTD, is registered in Gibraltar.

NANKILLY INVESTMENTS LTD. Is registered with Companies House.

You must admit, that is a very eclectic collection of investors in what is after all just a small company running one, possibly two, hostels. And they’re all money men.

THE MANCHESTER CONNECTION

Let’s move over now to the land of the Mancs, for Mr Wong has been busy there buying up property. Done through his company Kaltain Ventures Ltd. The other director, with an equal number of shares, is Babaola Alabi Omiyale (R).

Omiyale is also a director of Bisley Solar Ltd. I found, by a tortuous route, that this company is owned by Impax Asset Management. Which ‘pioneers’ . . .

. . . investment in the transition to a more sustainable global economy and today is one of the largest investment managers dedicated to this area.

Kaltain Ventures Ltd has bought six properties in Manchester with loans or mortgages from the Paragon Bank PLC (5) and The Mortgage Works (UK) PLC (1). Other properties might have been bought without loans, or with loans that do not need to be declared to Companies House.

But clearly, Rowern Wong and his mate Omiyale, are into the buy to rent sector. Which would appear to be something of a departure for Omiyale.

Because from his Linkedin entry it seems he’s representing planet-saving Impax at Bisley Solar. Which makes sense. But how do we explain his involvement with Wong in Manchester? Is he freelancing, making some pocket-money?

UPDATE: Interestingly, Omiyale was witness to the signatures on both DBW loans. Isn’t a witness supposed to be impartial, unconnected with either party? Admittedly, Omiyale seems not to be involved in the hostel companies, but he is certainly a business partner of Wong.

FURTHER QUESTIONS

The Development Bank of Wales loan was delivered January 15, a month after Base Camp Snowdonia Ltd was launched. Which was remarkably quick, especially as Christmas and New Year intervened.

It’s reasonable therefore to assume the DBW was dealing originally with Base Camp Hostels Ltd (launched April 2023), and perhaps advised that English company to set up a Welsh entity to avoid exciting the likes of me.

Though if we look closely at the DBW deal we see that it’s actually two transactions. There’s a mortgage for Bryn Llewelyn, and then . . .

All other freehold and leasehold property now or in the future belonging to the company together with all buildings, trade and other fixtures

July saw the launch of Base Camp Hathersage Ltd. Presumably after buying a property in the village of that name. Was it bought with DBW money? Because no charge is shown against the company.

If that is the case, then not only did DBW give an English company money to buy property in Wales, it might even have funded the purchase of property in England.

Then, and as I mentioned earlier, there’s the fact that although Bryn Llewelyn must have been bought earlier this year, the change of ownership has not yet been registered with the Land Registry.

And until the new title document is available we won’t know a) who actually owns the property, or b) if there’s another charge, for money received from some other source.

We’ve already considered the share issue at the parent company, Base Camp Hostels Ltd, in April. But what brought them all together? What’s the common denominator?

CONCLUSION

It’s a long time since I’ve written a piece with so many unanswered questions, so many loose ends. But that’s how it’s worked out. Because, I suspect, there may be a lot more going on here than just a hostel in Eryri.

Now it’s time to explain the (R) you’ve seen after a few names. And I’ll do it by showing you Rowern Wong’s Linkedin profile.

For without checking all whose names have cropped up here I was still struck by how many of those mentioned had, like Wong, worked for Rothschild & Co. Of course, it could all be pure coincidence. But maybe not.

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Returning to his Linkedin bio, we see that Wong’s day job seems to be Chief Operating Officer of an outfit called General Projects. I eventually found it on the Companies House website.

Their Linkedin profile says:

A creative-led real estate developer that builds innovative and inspiring buildings wholly designed for the new economy

What’s the “new economy“?

I also found the website. But there’s no mention of Wong. Has he left? Is he now a full-time hostelier? (Is there such a word?) Does he need to update his Linkedin bio?

On the General Projects website, under ‘Purpose’, I found this chilling statement, leaving us in no doubt about the kind of people we’re dealing with:

A commitment to be operationally Net-Zero Carbon across our whole portfolio by 2030 in addition to the supply of energy from 100% renewable sources

Which ties in with something else that struck me, almost a thread running through every involvement and angle I looked into, was corporations seeking profitable investments that could be dressed up as saving the planet.

Is there a link between Rothschild and the planet savers? If so, where might Rowern Wong fit in?

Look at it this way. If you were a company, even an individual, in the greenwashing business, and you were looking for ‘pliable’ politicians who’d already bought into the climate scam and would therefore guarantee you easy money, then Wales would be very attractive.

Maybe Rowern Wong is testing the water with his hostel in Betws-y-Coed; getting to know people in Corruption Bay, seeing how things are done. Just a theory.

But whether I’m right or wrong, given all the money men involved with Base Camp Hostels the Development Bank of Wales should not have dished out £500,000 of our money. Especially if some of it was used to buy a place in the Peak District.

Though it may be significant that the money men appeared after Rowern Wong’s ventures had been primed with DBW money.

That said, the apparent change in control of the parent company, Base Camp Hostels Ltd, may have taken place before the DBW loan.

Does the Development Bank of Wales know who it’s really dealing with?

UPDATE: As you’ll have read, I was struck by the number of times Rothschild & Co cropped up while researching this piece. And so I’m indebted to a regular reader for drawing my attention to Kerdiff boy Kevin Gardiner. Whose day job is Global Investment Strategist at Rothschild & Co Wealth Management.

Which fits well with those we’ve looked at in this post: asset / wealth investment types looking for a profitable home for their money. And few bets are safer or more profitable today than saving the planet. With few administrations on Earth more completely suckered by the climate scam than the ‘Welsh Government’.

Kevin Gardiner has been an advisor to those clowns, and is now a member of the Cardiff Capital Region’s advisory board. From these and other links we can safely assume that Gardiner is very well connected in Corruption Bay.

The Betws-y-Coed hostel may be a red herring, or a sprat to catch a mackerel. The question now might be: Is Kevin Gardiner of Rothschild & Co Wealth Management using his Corruption Bay connections to introduce his clients to Wales, and the profits they can make?

Here’s a nice group photo from 2014; also in the frame is Lord Davies of Abbasock, owner of The Tramshed. If you’ve got the right connections in Corruption Bay then Wales is your oyster!

Fill yer boots!

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© Royston Jones 2024

Welsh Assembly, Time to Move

When the incoming Labour government offered us devolution in 1997 I didn’t get too excited, but still, if Kinnock and George Thomas are against it, I thought, then it might have something going for it. So I voted Yes, but only because I saw devolution as a step on the road to independence. Encouraged by Ron Davies calling devolution “a process, not an event”.

Once the Yes vote had been arranged everyone assumed that the new Assembly would sit in Cardiff City Hall, but a dispute over costs blew up that was never satisfactorily explained. I believe that this spat was contrived, dreamed up in London to compensate Associated British Ports for not getting the planned opera house designed by the late Zaha Hadid.

It was no coincidence that the driving force behind the opera house project – as head man at Welsh National Opera – was Nicholas Edwards (later Lord Crickhowell), Secretary of State for Wales under Margaret Thatcher, and chairman of Associated British Ports, the company that owned Cardiff docks.

With Cardiff City Hall ruled out we had a national ‘competition’ to find a replacement. The ‘winner’, in the sense that it was the only entrant to meet the requirements of price and immediate availability, was Swansea’s pre-war Guildhall designed by Percy Thomas. But in April 1998 Secretary of State Ron Davies announced that the Assembly would be sited in Cardiff after all.

Swansea Guildhall (picture from 1991)

Everyone in Swansea – and indeed people in Cardiff and the rest of Wales – then realised that the ‘competition’ had been a charade, and that the Assembly was going to Cardiff even though there was no site for it. As late as 2001 Swansea politicians were still claiming a conspiracy.

Further, I have always believed that Ron Davies, being vulnerable to pressure, was ‘leaned on’. His justification at the time for ripping up the ‘competition’ rules and awarding the prize to Cardiff was that to have located the Assembly in Swansea would have undermined Cardiff’s status as capital of Wales. So why have a ‘competition’?

Without a building for the Assembly it was decided to lease Crickhowell House down Cardiff docks, named after Lord Crickhowell. The ‘Welsh’ Government is still leasing Crickhowell House, now renamed Tŷ Hywel. You might be interested in the figures.

From 1999 to 2012 the public purse splurged £40,654,093 on leasing, maintaining and improving the building. The current lease runs until 2032 at an annual cost of £2.3m plus VAT. When I submitted my FoI in 2013 the building was owned by Crick Properties, but was bought in March 2014 for £40.5m by a company registered in the British Virgin Islands.

The final bill for leasing and maintaining this building will be well over £100m, after which it will still belong to whoever owns it at the time. We could have had a new, purpose-built building for a tenth of that figure. But of course, that would not have suited Associated British Ports and those linked to the company.

The squalid saga of how the public purse was abused in order to transform Cardiff docks into Cardiff Bay for the benefit of Associated British Ports is explained in the Corruption Bay document I put together in 2000-2001.

It’s well over 18 years since Ron Davies announced that the Assembly would be located in Cardiff . . . somewhere. In that time Cardiff – which, incidentally, voted against devolution – has prospered greatly from hosting the Assembly, and gained from politicians and civil servants making decisions that talk of ‘Wales’ but benefit only Cardiff.

To the point where, today, it seems that all investment is focused on Cardiff while other urban areas are condemned to managed decline and our countryside and coasts serve as recreation and retirement areas for England. The north, certainly the north east, is, with the connivance of the ‘Welsh’ Government (acting on the recommendation of a Mrs Hain), being detached from Wales to become commuter territory for Merseyside and Greater Manchester. For some time now, dwellings around Wrecsam have been advertised by estate agents as being in ‘West Cheshire’!

The Mersey Dee Alliance is the plan for north west England to absorb north east Wales

This process of dismembering Wales is made easier by Cardiff’s distance from and indifference to the north east.

Few things illustrate the Cardiff-centricity of contemporary Wales – and more worryingly, how it has become accepted in official circles as the template for all development – than the Cardiff Capital Region project and its associated Metro system.

The City Region is nothing but a scheme for encouraging further investment in Cardiff but, by improving local transport links, it’s hoped that the Valleys and the M4 corridor from Bridgend to the border will feel part of this enterprise. In truth, it’s the formalisation of a city-commuter region arrangement. To dress it up as anything else is dishonest.

That this project has progressed so far with so few objections from those communities being reduced to dormitory status can be attributed to the malign influence of a Labour Party that may be losing its grip but still deals ruthlessly with dissent. Plus the fact that opposition parties seem to share the ‘Everything in Cardiff’ mindset.

To ensure that the focus remains on Cardiff major developments elsewhere in the region may be sabotaged, and this explains the recent attacks on the Circuit of Wales project at Ebbw Vale. These attacks came from the traditional mouthpiece of the Cardiff business community, the Western Mail, and BBC Wales which, as I remarked in Circuit of Wales Revisited“has as much claim to being our national broadcaster as the Mule has to being our national newspaper”.

Despite my criticisms, what I’ve dealt with thus far is understandable, even excusable, in that it’s the duty of the politicians and the business community of a city to promote the interests of that city.

Of course my absolution does not extend to Assembly Members from other areas who simply nod through every project to promote and enrich Cardiff. Nor does it extend to those who pose as our ‘national media’, or other institutions and bodies claiming to represent the whole country.

Cities, even capital cities, looking out for themselves is one thing, but we have now reached the stage in Wales where Cardiff serving its own interests, and being encouraged to do so by the media and the ‘Welsh’ Government, is working against the interests of the country as a whole.

Worse, we are now seeing the corruption that is almost inevitable when the public life of a country is concentrated in a relatively small city, and when this concentration sees those with the power of patronage and control of the public purse rubbing shoulders on a regular basis – and too regularly in social environments – with those wishing to enrich themselves at the expense of the rest of us. Two examples will help explain what I’m talking about.

First, a case that attracted much attention was the deal to sell off land on the outskirts of Cardiff to a very well-connected group of Cardiff businessmen at a knock-down, agricultural-use price, despite the fact that everybody knew the land had been earmarked for housing. I dealt with this in Pies, Planes & Property Development and Pies, Planes & Property Development 2. Let’s not beat about the bush, this was corruption, pure and simple.

Next, have you ever wondered why Wales – unlike Ireland and Scotland – does not have a national cricket team? The answer is that we are represented by England. No, honestly, and to be precise, by the England and Wales Cricket Board (though the ‘Wales’ bit is never used).

Swalec Stadium, home to England Test matches and the reason Wales has no national cricket team

In 2015 Labour First Minister Carwyn Jones said it was an honour to welcome the Test match between Australia and England to Cardiff, adding: “Attracting major events not only boosts our international profile, but has clear benefits for our economy”. 

Two points: First, a national team would boost our ‘international profile’ far more, because many people around the world now believe that Cardiff is in England; second, how much of the money generated by the Test match did other parts of Wales see?

Of course, at one time, we did have a national cricket team, but that was before Glamorgan County Cricket Club and others surrendered to England in order that Cardiff could enjoy the publicity, the prestige, and the revenue, from hosting England ‘home’ matches. Another example of the counter-devolution strategy at work and another step towards Englandandwales.

Another way Wales loses out to Cardiff is in the exodus of too many of the brightest and best from other parts of the country. ‘Ah, but the same thing happens in Ireland’ shout Cardiff’s defenders. Not really. The fastest growing cities there are Cork and Galway, and perhaps more importantly, Donegal and Kerry, Sligo and Roscommon are not being overrun by tens of thousands of retirees, problem families, good-lifers, hippies, paedophiles, white flighters and tourist trappers.

The economic imbalance in Wales that makes Cardiff so attractive to our young people deprives many rural communities of their future leaders, their opinion-formers, those who might challenge the invasion taking place. Coincidence, no doubt.

We have reached the stage now where that economic imbalance is so severe, and being exacerbated year on year, that those who direct things in Cardiff – including those who not so long ago would readily display their contempt for ‘Welshies’ – are quite open about their long-term strategy of positioning the city as a medium-sized provincial English city, in competition with Bristol, Sheffield, Newcastle and others. Slowly but inexorably Cardiff is turning its back on Wales.

For Cardiff has the advantage that, as capital of Wales, it can always argue that projects in the city are ‘national’ in importance, and being done for the benefit of 3.2 million people. Which makes it odd that Plaid Cymru politicians get exercised over Crossrail 2 and HS2 being described as ‘national’, yet seem oblivious to the same thing happening under their noses in Cardiff.

Though sometimes the brew gets really heady and ambition stretches beyond competing with Sheffield, proven by an article this week by Siôn Barry, Business Editor of the Wasting Mule, whose brother Mark is the brains behind the Metro system. Barry quotes some estate agent – a profession renowned for its scrupulous avoidance of exaggeration and misrepresentation – who believes that Cardiff can become a “global capital”.

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Think about that. We are asked to believe that a city of less than 400,000 people can compete with Tokyo and Paris, Buenos Aires and Beijing. It’s laughable; with the laughter ratcheted up to hysterical level by the fact that Cardiff’s just a provincial centre, and the full idiocy is realised by remembering that those pushing this bollocks, at the Wasting Mule and elsewhere, oppose Welsh independence, without which Cardiff is not, and never can be, a real capital.

This kind of stuff gets hyperbole a bad name; it borders on the delusional. Young Matt Phillips of Knight Frank clearly needs help, but rather than waste money on some expensive treatment I suggest that he be slapped around the head with a freshly-caught halibut until he recants. (It never fails.) As for those who repeat such nonsense, well, they want to believe it, but worse, they also want you to believe it.

Welcome to the never-never world of devolution. An estate agent tells a journalist that Cardiff is about to go head-to-head with Paris, this is repeated as gospel by our ‘national newspaper’, yet it takes place to the backdrop of Wales being colonised and by other means having its identity eroded as the prelude to complete assimilation into England.

While it yet lasts, this fantasy I’ve described bears some resemblance to a corrupt Third World country where all the goodies are concentrated in the capital and the provinces are allowed to rot; what’s missing is the dictator and his extended family and friends ripping off the state finances, but standing in we have ‘Papa’ Jones and his Labour Party, plus Labour’s cronies in the Third Sector and gangs of well-connected businessmen.

As I said at the start; when I voted Yes in 1997 it was only because I saw devolution as the first step on the road to independence. Devolution has been a complete failure in that regard, and it has even failed as a devolved system – apart from the growth of Cardiff. And this week we were told that even the devolution some thought we had is worthless because Westminster can overrule the ‘Welsh’ Government any time it chooses.

To remedy the situation in which we find ourselves Wales needs to be ‘re-balanced’. I believe that the quickest and surest way of achieving that necessary objective is by moving the Assembly out of Cardiff. Which is why I have launched a petition urging that the Assembly be moved to Aberystwyth. Click here to sign that petition.

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UPDATE 20.12.2016: Well, bless my soul – Plaid Cymru agrees with me!