This question is to Mayoral advisor on Finance Cllr Lester.
1. I am writing as a Newham Councillor about the “impairment” and “write off” of £44 million in (NLI) Newham Legacy Investments (page 12 in draft statement of accounts 2016/17).
I was very disturbed to have only found out about this while reading the accounts and that Councillors/Investments & Accounts were not told beforehand that there were any problems or issues with our investment in the NLI. Please explain why this was not done?
2. What is your opinion on our NLI investments and our potential liabilities? For example do we know how much money E20 Stadium LLP has lost this financial year, if so how much and what is the projection for year end.
Cllr John Gray