The Economic Development Minister says he will speak to the Chief Minister about why his resignation was not accepted.
John Shimmin says it was tendered before 8 o'clock this morning, in response to the independent legal advice surrounding the Sefton Loans.
The advice from lawyer Richard Moules QC concluded ‘more likely than not’ both the original ?450,000 loan made in 2012 and the ?1.2m cash loan given the following year were ‘ultra vires’ - ie not lawful.
The Sefton Group was given ?4.5 million of taxpayers' money last year after claims it was in serious financial straits.
In the court this afternoon, during an emergency debate on the issue, Mr Shimmin said he took exception to the implication that he blatantly disregarded the law.
He said the Sefton decision was one of the most difficult he'd had to make in 17 and a half years.
Mr Shimmin accepted the strength of feeling on this matter but added the matter is whether they had the legal viries. One independent opinion from off-island says they did not - Mr Shimmin maintains they believed they did.
He says he will speak to the Chief Minister about his position on Thursday.