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Man bought private jet with borrowed council money (www.bbc.com)

submitted 2 years ago by [email protected] to c/[email protected]

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Leaked documents show businessman went on a spending spree and left a council effectively bankrupt.

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[–] [email protected] 21 points 2 years ago* (last edited 2 years ago) (2 children)

I don't understand, this is trivial fraud why isn't he in jail right now and all his assets in receivership?

Oh... oh right... Tories.

Good work, enterprising businessman!

[–] [email protected] 4 points 2 years ago (1 children)

"Mr Kavanagh is no longer living in the UK."

[–] [email protected] 13 points 2 years ago* (last edited 2 years ago) (1 children)

... that's a massive fraud, they extradite for that.

Are you honestly saying I can steal the better part of a billion dollars and hop across the border to Mexico without worry? Because if so I have some life choices to rethink.

The Audit Commission - a spending watchdog that stopped councils taking too many risks - was abolished in 2015.

Again, tories.

[–] [email protected] 2 points 2 years ago* (last edited 2 years ago)

Are you honestly saying I can steal the better part of a billion dollars and hop across the border to Mexico without worry?

In other longer articles you find out that it's nowhere nearly a billion. The Solar Farms used to underpin the investments do exist and are productive. They have value in the hundreds of millions of pounds, but its apparently not quite enough to satisfy all of the bonds when they come do in 2025 and 2026.

[–] [email protected] 1 points 2 years ago (1 children)

What makes you think there was fraud? Lots of these solar farms are not viable and losing money. Counsil for swindled into thinking it was a sure thing and invested in it. Sounds to me more likely the people in Council were not very business savvy but instead invested based on feel good.

[–] [email protected] 1 points 2 years ago

Dude is the one who represented them at the higher value for the bonds. That's the definition of fraud.