Three month ago I
promised myself I would look into Rockfire more closely; never did of course
but this morning I tried to make amends for it, helped by my Council finance friend.
We didn’t find out an awful lot more apart from confirmation that Bexley did indeed share “due diligence” responsibilities with Newham before putting down our money. (Click image for source Local Government Treasury website.)
Thurrock pumped in far more money, reports say £145 million, so count yourself lucky that Bexley only put up £3 million.
But it was still a mistake by oneSource. oneSource’s Annual Report confirms that their Director of Strategic and Operational Finance at the time the investment was made was Paul Thorogood. He doesn’t have much luck does he?
An undetected £2 million Capita fraud in Barnet, dubious decision making across the river, and a Capitalisation Order in Bexley.
Having said that I think the seeds of Bexley’s reputational calamity were sown before Mr. Thorogood arrived in Bexley.