States will be 'held to account' over £1.4m put at risk by Innovation Fund

Jersey States departments will be 'held to account' over £1.4m of tax payers' money which was put at risk by the Innovation Fund.

Deputy Andrew Lewis told ITV News today that the Public Accounts Committee will be investigating the issue.

That includes holding public hearings and calling to account Economic Development, the Treasury and possibly the Chief Minister's Department.

It comes as a review from the Auditor General slammed the Innovation Fund, saying it "seriously failed" to monitor money lent by the government to new businesses.

Deputy Lewis says his committee is "shocked" that the fund was monitored so poorly.