According to a statement from the Crown Prosecution Service, Anthony Smith has pleaded guilty to fraud after claiming up to £4.7 million worth of European Union and Welsh Government grants. The grants are related to the companies Dragon Research Ltd, Dragon Feeds Ltd and Dragon Baits Ltd and their development of various projects involving farming ragworms for rainbow trout feeding and for commercial bait. He admitted to three counts of fraudulent trading.

Smith dishonestly ran Dragon Research Ltd with Colin Mair who admitted to one count of fraudulent trading. They were assisted by Keith Peters, now a retired chartered accountant, who admitted to two counts of false accounting.

Janet Potter, from Specialist Fraud Division at CPS, said: “Not only did Anthony Smith wildly overstate how much money had been spent, but he made up stories about projects which never existed.” He promised to make Wales a world leader in the aquaculture industry.

Sentencing will take place at Cardiff Crown Court next month.

Read full statement here.