TORY councillors are calling for a full investigation into Plymouth City Council's controversial decision to borrow £70 million to pay off a pension deficit.
The council's opposition Conservative group wants to know how the transaction was set up and what the potential implications are for the authority.
The Herald has reported that, against advice from the auditor and a Treasury advisor, the council borrowed the money from the Government and used it to buy shares in London-based Miel Solutions Ltd, which then paid it into the pension fund, wiping out a deficit of up to £110m.
The transaction was controversial because money borrowed from the Government should only be used for capital projects. As a result, the council's accounts have not been signed off for the past three years. The authority is expecting the 2019/20 accounts to be finally approved this month, but with a part qualification placed on them by the auditor, which could damage the council's reputation and affect its ability to borrow.
This story is from the September 07, 2023 edition of The Herald.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 07, 2023 edition of The Herald.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Yard restaurant shut - for now
VIETNAMESE ‘PHO' OPENED 2 YEARS AGO
Car park closure for flats after fire scare
SAFETY CONCERNS LEAD TO RELOCATION FOR RESIDENTS
Patients invited to comment on the NHS
HEALTH WATCHDOG WANTS TO HEAR ABOUT EXPERIENCES
Council is 'likely to remain'-but may need to expand
SMALL DISTRICT COUNCILS COULD BE SWALLOWED UP
Car firm says no change needed after tragedy
ALFIE, 7, DIED AFTER JAGUAR DRIVER MADE FATAL ERROR
Jonny's next mission? To tackle loneliness
1ST DISABLED MAN TO REACH SOUTH POLE UNAIDED HAS SIGHTS ON NEW CHALLENGE
Is Wagner the man for Argyle?
FORMER HUDDERSFIELD AND NORWICH BOSS IS INTERVIEWED BY CLUB
Peacock takes on full-time role at Bolitho Park
PLYMOUTH Parkway has significantly expanded the role of assistant manager Lee Peacock, appointing him to a new full-time position within the club.
Arteta's excuses for Arsenal are a load of balls
MIKEL Arteta said Arsenal's 2-0 defeat to Newcastle in the first leg of their Carabao Cup semi-final did not reflect his team's performance as he hinted the ball used for the game at the Emirates Stadium hindered his players.
Argyle are closing in on Puchacz
PLYMOUTH Argyle have agreed a deal to take Poland international left-back Tymoteusz Puchacz on loan from German Bundesliga club Holstein Kiel, according to media reports in Europe.
