Leaked documents show businessman went on a spending spree and left a council effectively bankrupt.
This is the best summary I could come up with:
Leaked documents reveal how Liam Kavanagh used Thurrock Council’s money to buy luxury goods, including a yacht and a private jet.
Thurrock is one of a number of councils that have got into financial difficulties since the coalition government gave local authorities more freedom to raise funds and invest in 2011.
Woking, Slough and Croydon have all been forced to stop all non-essential spending after losing public money on risky investments.
Gavin Cunningham, a former investigator with the Serious Fraud Office, told Panorama that supplying inaccurate energy prices was potentially fraudulent.
Last month, a report by Essex County Council criticised Thurrock for its risky investment decisions and failure to make proper checks.
The report also highlighted the role played by the council’s then chief financial officer, Sean Clark, in its disastrous investment strategy.
I’m a bot and I’m open source!
I’m just glad this case wasn’t handed to the Ministry of Silly Frauds.
Predictable outcome of letting local councils invest taxpayer money in whatever corrupt scheme greases their palms.
What’s the alternative? The tories decide literally everything from Whitehall?
The Audit Commission - a spending watchdog that stopped councils taking too many risks - was abolished in 2015.
Probably not abolishing the thing that was literally there to stop this from happening.
In fairness maybe this thing didn’t work, but surely some oversight would reduce ridiculous things like this from happening.
This is so circular I don’t even know where to begin.
Classic floridaman.
Essex Man, at least that’s where Thurrock council is, not sure where Liam Kavanagh is living now.
