The businessman who headed up the Guernsey Investment Fund, which has pumped tens of millions of pounds of public and private money into the local economy, has stepped down.
Fund Chairman Gilbert Chalk has stood down from the Board, having led it since its launch in 2017.
The investment fund's last public update showed that £20.8m of the £38m committed by shareholders - £25m. of which came from the States of Guernsey - had been invested to date.
At the end of 2019, £14.1m of the States' commitment to the fund had been drawn-down and the Net Asset Value per share increased by 46%.
The fund invites applications from a wide range of existing businesses looking to expand and start-ups trying to find their feet.
After three years as its Chairman, Policy & Resources Vice-President Lyndon Trott said Mr Chalk had decided to step aside.
“Setting up the Guernsey Investment Fund at the end of 2017 was an innovative way for the States to stimulate economic development within key sectors for the wider benefit of the Bailiwick of Guernsey, in addition to securing an investment return in conjunction with other investors," he said.
Pictured: Deputy Trott was instrumental in the creation of the Guernsey Investment Fund back in 2017.
"Gilbert brought his deep international expertise and independence as a driving force for the set-up of the Guernsey Investment Fund and its operation in its early years. As the States Treasurer’s Report in the 2019 States of Guernsey Accounts confirm, the Guernsey Investment Fund has made excellent progress over this period. We are very grateful for what Gilbert, in his role of Chairman, has achieved for Guernsey.”
A statement from the Guernsey Investment Fund PCC Limited confirmed Mr Chalk's resignation.
"It has become increasingly apparent as a result of the coronavirus lockdown and the quantum of work involved in overseeing the fund’s management that the chairman needs to be on island for significant periods beyond that envisaged at the time of the establishment of the fund.
"It was announced on 18 May 2020 that the Fund’s Technology & Innovation and Property Cells are in good health and are well placed to capitalise on current investments and future opportunities.
"This position and the sound governance of the fund is in very large part down to the commitment, efforts and professionalism of Gilbert. He was instrumental in the structuring of the fund and its cells and the setting of the strategy and detailed review process for the sanctioning of its investments.
"We thank him wholeheartedly for his contribution to the fund’s success."
Pictured top: Gilbert Chalk.
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