The UK's Financial Reporting Council (FRC) is set to investigate two former senior figures from Woking council, which declared bankruptcy in 2023 after accumulating over £2bn in debt from hazardous investments in commercial properties. This investigation targets former chief executive Ray Morgan and ex-finance director Leigh Clarke, amid a wider trend of financial distress among local councils due to austerity cuts. The FRC's inquiry follows earlier scrutiny by government commissioners and comes as multiple councils face similar financial failings across England.
"...the tiny Surrey council after the government sent in a team of independent commissioners two years ago..."
"...a former accountant at Thurrock, after a government review found the Essex council had recklessly gambled hundreds of millions of pounds on risky commercial investments..."
"...the accountancy firm Grant Thornton, commissioned by Woking's new Liberal Democrat administration, named Morgan as the driving force behind Woking's investments..."
"...sources said an investigation into the individuals involved in the former Conservative-run council's investment activities was being prepared by the Financial Reporting Council (FRC)..."
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