The East London Credit Union’s collapse: major new revelations, and the bad odour intensifies UPDATED
As previous posts (referenced below) have pointed out, the collapse into administration on 11 September 2019 of that longstanding LBWF favourite, the East London Credit Union (ELCU), has left many questions unanswered. Gradually however, new information is trickling out, and some of it, to say the least, is both startling and deeply worrying, particularly about what has been going on in the Town Hall. The headline revelations are: LBWF states it gave ELCU £326,152 between 2014 and 2018, but the real figure is likely to be nearer c. £1m.. LBWF cannot produce any documentation authorising and recording its transfers to ELCU, nor can it credibly explain why not. In the seven years prior to its ... »