PAC report slams Gwent's cash scandal

* Parliament's financial watchdog, the Public Accounts Committee, this week condemned a financial scandal at Gwent Tertiary College.

Its report, Financial Management and Governance at Gwent Tertiary College, shows how the college fell into a Pounds 6.8 million debt in 1996-97 - a collapse largely unnoticed by the Welsh Further Education Funding Council. The council this week said that the college, the largest in Wales, was well on the way to recovery, with a new governing body, a new principal, and a new name, Coleg Gwent.