A COURT has heard that Thurrrock Council paid a flamboyant financial entrepreneur £5 million in commission for setting up its deals to buy bonds in solar energy farms. Liam Kavanagh, 43, who owns a fleet of supercars and travels by private jet, sold the ‘green bonds’ to the council – who failed to pick up on the fact that a report on them showed they were ‘blighted by defects’ and were ‘flawed assets’. The council has defended its position and says the investments have proved profitable and have raised £65 million which it has invested in local services. However, experts have warned that the key moment will come when the bonds are redeemed as the problems with the solar farms may reduce their value. The council has borrowed £420 million to buy into the solar power market – part of an overall debt approaching one billion it has accrued in its policy of financial investment to raise cash.
Thurrock Nub News 17th Oct 2020 read more »