Because these people are thieves basically knowing how to milk the system, have the gift of the gab and confident at getting away with it all. Sounds like the council are half to blame as well by not being more vigilant and keeping a close eye on things. Hopefully his illgotten gains will be sold to recoup some of the money stolen and he gets a jailterm.
The same way all public sector organisations waste taxpayer’s money.
It’s not their money and there’s a never-ending supply of it.
Certainly my experience, worse if you try to curb these practices, then you are a trouble maker even if you save 75% of the spend!
It looks very much to me that the Council did not use due diligence in this investment.
Why did they take his word for the valuation of the electricity?
Surely they should have had an independent valuation of their own?
Were they not acting ultra vires in this action?
“How can this be legal?” sounds very dodgy, certainly bordering on fraud but as the legal entity the council might sue doesn’t exist any longer could be tricky to recover any monies.
The value of your investment can go up or down, as they say. It seems the Council were naive investors. Apart from a through scrutiny of the prospectus (if there is one) for fraudulent claims I’m not sure what they can do.
Now, if your interested, I’ve a bridge for sale 
Perhaps you should give everyone involved the Full Mussolini to discourage others?
The irony being that the purchaser of said bridge knew exactly what he was buying.
Unlike Thurrock council.
But it’s truly sickening. Maybe the council is half to blame, whether naive or deliberately short sighted. Little wonder that England’s infrastructure is crumbling when the money is being syphoned off, and now the ordinary folk of Thurrock are expected to foot the bill from their council tax.
Hopefully his illgotten gains will be sold to recoup some of the money stolen and he gets a jailterm.
One would hope so. But I imagine him and Baroness Mone are comparing yachts somewhere…
Why did they take his word for the valuation of the electricity?
Why indeed. The irony now being that electricity bills have gone through the roof.
Yes, I heard that a club for small children which received a grant of £7,000 a year will now have to close.
Yes, I heard that a club for small children which received a grant of £7,000 a year will now have to close
Shameful. And many other public services too. There has to be a change surely!
Viaduc de Millau?
There’s a BBC Panorama programme about this. The council not only blew their own cash on this but borrowed more to ‘invest’ from other councils.
The total was over 600 million and it seems only one officer in the council knew the full picture. He was warned of the risks in 2018, but pressed on.
I had no idea councils could even do this. The solar farms, which were the collateral, were way overvalued and there’s a 200m black hole.
Someone from the council needs to go to jail for this.
Is gross stupidity a crime? If it is 52% of the UK should be locked up.
Ha! Absolutely re the 52%. Hopefully the police will look into whether this was being ‘stupid’ or if there’s something more sinister going on within the council.
I’m trying to decide f I agree with this - on the one hand that’s certainly a natural conclusion as it seems that there has been a lack of due diligence to the point of gross incompetence, on the other the real criminal is the guy who has walked away scot free with the council’s millions and anyone can be conned if the circumstances are right.
Watch the Panorama programme if you can and then decide. I think it at least warrants a police investigation. It’s all so bizarre.
And for God’s sake bring back the Audit Commission!