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Thu 19th January
Mr Byrne was speaking after a meeting of the Assembly’s Public Accounts Committee where the matter was discussed.
The West Tyrone MLA said: “The whole saga of the Institute is a sad tale of incompetence and poor management both by the Institute itself and Invest Northern Ireland’s client managers who were handling the project.
“The Institute project was an excellent concept which never realized its potential either in terms of creating new business activities or jobs.
“The Northern Ireland Audit Office report is striking in highlighting the failures and inadequacies of the board of directors and public officials who were entrusted with handling public money for this project.
“I am, however, glad that the Chief Executive of Invest Northern Ireland, Alistair Hamilton, has assured the Public Accounts Committee that he is overseeing and implementing a change in the management culture, including how client managers and senior management in INI appraise and grant aid to enterprise projects.
“This level of failure cannot be allowed to happen again on any scale, let alone that on which BSTI fell.”