TLDR: Council spent an insane amount of money on solar farms, etc, and have now taken out loans without slowing their rate of spending.
What the hell is going on in that place lol? Is there nobody with a brain?
Holy fack, should a council be using budgetary money to invest in things like that in the first place?
Have they got any LOBO loans that are about to bite as well?
So that money was intended for solar but wasn’t!
Fraud anyone? Pretty convenient that suddenly the company goes under.
Oh look another Tory lead council (the party of fiscal responsibility) have destroyed the finances of a local council.
Is it just me that thinks that a council shouldn’t be taking financial risks like this?
Holy shit. There is so much incompetency and corruption in our government and councils.
This has a strong whiff of PPE contracts about it. Wonder how the people running these failed companies are connected to the council top brass 🤔
Considering they’re not commenting on the “high risk high return” investments that failed, I’m just going to assume someone’s grandson told them to go all in on some crypto bullshit
Looks like the old Cut’n’Shut;
– Start a fraudulent subsidiary to a shell company that specifically caters to an industry/sector receiving Government grants.
– Baffle some dumb-as-a-stump local authority into giving you millions of pounds in subsidies whilst ensuring the contract is as vague as possible about delivery targets.
– Transfer all the funds from the subsidiary into the shell company.
– Let the subsidiary ‘go bust’.
– Use the shell company as the liquidator of the subsidiary so the subsidiary pays the shell company to liquidate it, and the shell company re-absorbs all the assets.
9 comments
TLDR: Council spent an insane amount of money on solar farms, etc, and have now taken out loans without slowing their rate of spending.
What the hell is going on in that place lol? Is there nobody with a brain?
Holy fack, should a council be using budgetary money to invest in things like that in the first place?
Have they got any LOBO loans that are about to bite as well?
So that money was intended for solar but wasn’t!
Fraud anyone? Pretty convenient that suddenly the company goes under.
Oh look another Tory lead council (the party of fiscal responsibility) have destroyed the finances of a local council.
Is it just me that thinks that a council shouldn’t be taking financial risks like this?
Holy shit. There is so much incompetency and corruption in our government and councils.
This has a strong whiff of PPE contracts about it. Wonder how the people running these failed companies are connected to the council top brass 🤔
Considering they’re not commenting on the “high risk high return” investments that failed, I’m just going to assume someone’s grandson told them to go all in on some crypto bullshit
Looks like the old Cut’n’Shut;
– Start a fraudulent subsidiary to a shell company that specifically caters to an industry/sector receiving Government grants.
– Baffle some dumb-as-a-stump local authority into giving you millions of pounds in subsidies whilst ensuring the contract is as vague as possible about delivery targets.
– Transfer all the funds from the subsidiary into the shell company.
– Let the subsidiary ‘go bust’.
– Use the shell company as the liquidator of the subsidiary so the subsidiary pays the shell company to liquidate it, and the shell company re-absorbs all the assets.
– Repeat.