Friday, 27 March 2009


PRESS RELEASE – FOR IMMEDIATE RELEASE – 27th March 2009 - 27 Audley Avenue, Tonbridge, Kent TN9 1XF - 0845 257 4236 – 01732 355185 – Mobile: 07747 036192

The Audit Commission has indicated that Kent County Council was negligent in its investments in Icelandic banks. Kent Green Party would like to know who is to be held responsible for the loss of £50 million by KCC, the largest loss by any local authority in Iceland’s banking collapse. Steve Dawe comments:
“The Audit Commission has confirmed that Kent County Council was negligent in its investments in Iceland. Kent Green Party, and we are sure the wider public, would like to know who will actually be taking responsibility for KCC’s £50 million loss. Claims by KCC that they will get any of this money back are open to dispute.
“Will council officers or councillors resign? In a commercial organisation, such a loss could easily lead to those responsible being sacked. 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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FURTHER INFORMATION: Steve Dawe, Press Officer, Kent Green Party, on 01732 355185 or 07747 036192. Contact address as above.

1 comment:

Nick Brown said...

From my perspective every person or company should be responsible for any action you or it has been done. And as a result, you should understand that if something goes wrong, you will be blamed. It is very easy to spend the money especially if they are not yours or getting via easy instant loan services or via investments. But the loss of 50 million is a big loss and KCC should return this sum. Resignation does not resolve the problem, people lost the money, lost the confidence, respect and now they should think what to do with their debts. People should not suffer because of the negligence of the KCC. Money should be returned.