25th Sep, 2018

EDITOR'S COMMENT: Lack of transparency on Coventry council investment overseas rings alarm bells

Editorial Correspondent 17th Nov, 2017 Updated: 17th Nov, 2017

COVENTRY council’s political leaders and unelected senior management are keen to get the best return on unallocated taxpayers’ money it ‘banks’.

That’s understandable, as they seek ways of paying for future council services with government funding rapidly disappearing.

Like many councils, it pools funds with other organisations to invest in international money markets to get bang for its buck.

Following our enquiries, finance officer Barry Hastie tells us it means “an effective ethical investment strategy is not practical”.

That rings alarm bells, as we reveal they don’t even know where the money is invested, by a third party.

Amid the Paradise Papers scandal, it needs more scrutiny and transparency.

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