 |
By *exbecs12 OP Woman 33 weeks ago
Land of roman gods |
I am bemused how the leader of Thurrock council invested money which they will not be able to retrieve. There were many other councils who loaned Thurrock.. Kent County Council £100m between 2018 and 2021 sent loan money
Heart breaking when so many councils are now struggling to save money on their budgets from government.
This story is bigger than my text but why are councils allowed to invest in something where the money has now gone missing.
In a cost of living crisis it beggars belief and makes me cross. Knowing my tax is lost and council facing a section 114 |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 32 weeks ago
|
"I am bemused how the leader of Thurrock council invested money which they will not be able to retrieve. There were many other councils who loaned Thurrock.. Kent County Council £100m between 2018 and 2021 sent loan money
Heart breaking when so many councils are now struggling to save money on their budgets from government.
This story is bigger than my text but why are councils allowed to invest in something where the money has now gone missing.
In a cost of living crisis it beggars belief and makes me cross. Knowing my tax is lost and council facing a section 114"
I grew up in Thurrock. Grandad was the leader of Thurrock council in the 90’s. Sad to see what’s happened there in the past 20-30 years. UKIP took hold, the whole area backslid and became rundown and miserable, little funding, no community cohesion. It’s grim. |
Reply privately, Reply in forum +quote
or View forums list | |
"I think it is called corruption.
It's not corruption, there's no suggestion that any of the money went to any of the councillors. This is just plain old incompetence."
Not that what you say is wrong, but having seen a discussion on daily politics, a finance manager states that if he were to lend, or use his companies cash without risk assessment, a map of were the money has gone and how it is to be used to project what profit could be made he would be fired.
The government did this with PPE and now councils are at it, do they not have financial managers to trace were their money is going.
But you are right it could be seen as incompetence, so why is no one from this council sacked, or even arrested as im sure it is a crime to misuse public funds. |
Reply privately, Reply in forum +quote
or View forums list | |
"But you are right it could be seen as incompetence, so why is no one from this council sacked, or even arrested as im sure it is a crime to misuse public funds."
It's a crime to deliberately misuse public funds, but it's not a crime to just be really bad at your job. |
Reply privately, Reply in forum +quote
or View forums list | |
OK noted,
You lend me 100 pounds, expecting it back maybe with a tenner on top for profit.
You come for your loan back and I say to you I haven't got it and I don't know were it has gone, from your expiation I would expect you to just shrug your shoulders and say I am incompetent, get back to what I was doing.
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By *exbecs12 OP Woman 32 weeks ago
Land of roman gods |
"But you are right it could be seen as incompetence, so why is no one from this council sacked, or even arrested as im sure it is a crime to misuse public funds.
It's a crime to deliberately misuse public funds, but it's not a crime to just be really bad at your job."
From what I have learnt several councils loaned Thurrock money to to give to someone for investment. It has been picked up by the british institute of journalists who expose. I know their has been officers of Thurrock council who been paid off for this. I only just caught wind myself yesterday of this crime.
Public money should be scrutinised and due diligence made. |
Reply privately, Reply in forum +quote
or View forums list | |
"OK noted,
You lend me 100 pounds, expecting it back maybe with a tenner on top for profit.
You come for your loan back and I say to you I haven't got it and I don't know were it has gone, from your expiation I would expect you to just shrug your shoulders and say I am incompetent, get back to what I was doing.
"
I can't work out whether the council is you or me in this example.
|
Reply privately, Reply in forum +quote
or View forums list | |
"OK noted,
You lend me 100 pounds, expecting it back maybe with a tenner on top for profit.
You come for your loan back and I say to you I haven't got it and I don't know were it has gone, from your expiation I would expect you to just shrug your shoulders and say I am incompetent, get back to what I was doing."
Yes. If I lend you £100, and you genuinely lose it, and you've got no more money, what am I supposed to do other than just accept it and move on.
But these weren't mates helping each other out, this was a large loan and it would have come with a contract. Kent will have to do whatever the contract says to get their money back.
On the other hand, the contract will have said what the money was to be used for. If Thurrock used it for things they shouldn't have done, there might be some people in trouble. But so far, none of the press reports have suggested that there was any wrongdoing. |
Reply privately, Reply in forum +quote
or View forums list | |
"I know their has been officers of Thurrock council who been paid off for this. I only just caught wind myself yesterday of this crime."
None of the press reports have mentioned council officers getting paid off. What do you know that the press isn't reporting? |
Reply privately, Reply in forum +quote
or View forums list | |
"OK noted,
You lend me 100 pounds, expecting it back maybe with a tenner on top for profit.
You come for your loan back and I say to you I haven't got it and I don't know were it has gone, from your expiation I would expect you to just shrug your shoulders and say I am incompetent, get back to what I was doing.
Yes. If I lend you £100, and you genuinely lose it, and you've got no more money, what am I supposed to do other than just accept it and move on.
But these weren't mates helping each other out, this was a large loan and it would have come with a contract. Kent will have to do whatever the contract says to get their money back.
On the other hand, the contract will have said what the money was to be used for. If Thurrock used it for things they shouldn't have done, there might be some people in trouble. But so far, none of the press reports have suggested that there was any wrongdoing."
There is a contract, that makes the situation worst as the money is still missing is it not, or have they given it back.
Unless the contract states that there is no need to track the money, document what the money has been used for and by who, were has it been banked, what the profits are and what the profits are being used for if any.
the time scale for the money to be paid back, the list is endless.
The fact is the money has gone and no one knows were it is.
A gangster would say skimmed off the top, but in this case they skimmed the lot, who ever they are. |
Reply privately, Reply in forum +quote
or View forums list | |
"There is a contract, that makes the situation worst as the money is still missing is it not, or have they given it back.
Unless the contract states that there is no need to track the money, document what the money has been used for and by who, were has it been banked, what the profits are and what the profits are being used for if any.
the time scale for the money to be paid back, the list is endless.
The fact is the money has gone and no one knows were it is.
A gangster would say skimmed off the top, but in this case they skimmed the lot, who ever they are."
Are we talking about the same news story? We know exactly where the money has gone. There are full publicly-available records stating who got paid what over the years.
There's nothing criminal or underhanded about what the council did. They appointed a man to make investments for them, and he turned out to be shockingly bad at doing so. The management made no attempt to oversee what he was doing, and the legal team didn't put in enough effort to safeguard the money.
There's nothing illegal going on in Thurrock council, just massive incompetence. |
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
