Thurrock Council’s leader has reportedly called for an inquiry into the authority’s investment decisions after a businessman was accused of misusing £150m of council funds.
Thurrock served a High Court lawsuit on Dubai-based businessman Liam Kavanagh and company Rockfire Capital Ltd last week.
The council said it was ‘deliberately misled’ by Mr Kavanagh over the value of investments and that he used £150m to fund his ‘lavish lifestyle’.
Lawyers for Mr Kavanagh said he ‘strenuously’ denied the allegations.
Thurrock issued a Section 114 notice in 2022 after accruing debts of around £1.3bn following a series of failed investments.
Council leader John Kent said: ‘We need to see an independent inquiry. I think there are members of Thurrock Council who have a lot of questions to answer.’
