Who Will Be Held to Account for Kent's Disasterous Icelandic Investments

27 March 2009

The Green Party in Kent is demanding to know who'll be held to account for the loss of £50 million pounds of taxpayers money -- the largest loss of any local authority -- through bad investments by the County Council.

It follows an Audit Commission report which found the Council negligent in its dealings with Icelandic banks.

Kent Green Party's Steve Dawe pointed out that those responsible for similar losses in commercial firms would be sacked. He cast doubt on the Council's claims that they'll get any of this money back and asked;

"Will council officers or councillors resign? How will the County Council show its commitment to public accountability? There has been little sign of any willingness by KCC to take responsibility for highly irresponsible investments in Iceland. An admission that ‘market fundamentalism' has failed would be good. The resignation of those involved would be better."

 


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