Conservative council broke rules to lose £27 million in Icelandic banks
Conservative controlled Hertfordshire County Council may have lost over £27 million of residents’ money by breaking their own rules to invest in Iceland’s banks.
An independent report by PriceWaterhouseCoopers has revealed a number of errors that led to the county council investing millions in Icelandic banks. The council did not follow its own investment rules, which were updated in February 2008.
The auditors also found 28 separate transactions were signed by just one officer, even though rules stipulated that at least two officers who were independent of the process should have reviewed each decision.
The three LibDem run councils in Hertfordshire, Three Rivers, Watford & St. Albans, did not have any money invested in Icelandic banks.
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Comments
19 March 2009, 3:01 pm
Thanks for the information which doesn’t appear to be on the Herts County Council’s website in such detailed form. So much for open and transparent government.