Update on Newham Council London/Olympic/West Ham FC Stadium loses

On Thursday 14 December I was at the meeting of the Newham Council Investment & Accounts meeting.

I had a chance to question the Newham Council Finance Director on matters arising from the joint audit meeting on the 27 September 2017.

At that time we knew that the £40 million loan (& £4.4 million interest payment due) was "impaired" (no value) and that an unknown amount of other money ("working capital") was also at risk of being "impaired".

Since then of course the Council has admitted to losing some £52 million of money (original loan and working capital) in the stadium. Apparently we will still have some legacy regeneration benefits for the next "100 years".

However, leaving aside for the moment that the stadium does not have a shelf life of 100 years, I understand that West Ham FC nor any other user have no contractual obligations to do anything for the community but no doubt they will offer some charitable benefits that they see fit to provide. Plus, there was always going to be possible benefits from the redevelopment but this could have happened anyway without us risking our money.

I asked the Finance director for an update on the "impairment" shown in the accounts (which means that the £40 million loan had currently no value) and was told that the loan was not being "written off" but instead converted into some form of "Debt for Equity" swap? Whatever that means? I assume that the £40 million loan which I think is currently valued as being Zero is being converted into a shares into what must be a bankrupt company? Need more information.

I will ask further questions about the lost £4.4 million interest charge, the £5 million loan for investments in the Olympic South Park and the £12 million of "working capital" (I think) that has also be "lost".

Watch this space.

Mentioned in the Council accounts and during the joint audit meeting I had brought up the reference to a possible significant criminal fraud in Newham Council procurement, which I must also chase for an update. What has happened? Are internal audit involved and have the Police been informed if there is evidence of criminality?

http://www.johnslabourblog.org/2017/09/former-olympic-stadium-stratford-report.html

http://www.johnslabourblog.org/2017/09/the-stadium-loan-and-questions-to.html

Bathers at Olympiques

This is simply brilliant "French Impressionism isn’t the first thought that comes to mind when it comes to the Olympic Games, but that’s exactly what sparked the creation of a photograph by Olympic Delivery Authority artist-in-residence Neville Gabie.

The photograph of workers enjoying the east London landscape was inspired by “Bathers at Asnieres,” the 1884 impressionist work of Georges Seurat. It was more than the similarity of the riverside locations that inspired Gabie; it was the message behind the classic painting. “Seurat’s artwork was painted when France really embraced being a republic, when it had become acceptable to paint ordinary urban, working-class people with factories in the background,” the artist told the BBC. “Olympic Park is a public park for people, but instead of being a post-industrial landscape, it has big, iconic sporting venues.”

Gabie recruited his subjects by studying the “characters” working to build the park. The final selection included landscape architects, engineers and security guards. He blogged about the difficulties of getting the shot, which was taken in June 2011, calling it a “logistical nightmare.”

Hat tip Tony P.

Newham: the Entrepreneurial future of London?

I saw this BBC news report yesterday morning on Newham being the home of the most business start ups in London.

"Many boroughs saw rocketing numbers of start-up businesses, particularly in the East End.

In Barking and Dagenham, between 2010 and 2012, some 7,685 new businesses began - increasing the total number by 38.6%.

And in Newham - London's top performer for business start-ups - the number rose by 43.3%
over the same period, to 14,672.

Not only is Newham home to the Olympic Park, but it has seen a massive regeneration project around the new Westfield Shopping centre.

One Newham entrepreneur is Faith Johnson. She founded Caramel Rock, a fashion company which also trains people in dressmaking and now employs five. Ms Johnson said: "It is 150% a great area to do business in. "The community is very welcoming - it's like a family." She continued: "Being the main Olympic borough makes such a difference - it brings so many people here who wouldn't otherwise come. "With so much investment in the area it's much more profitable. "I don't think that will come to an end after the Olympics."

A Newham Council spokeswoman said: "An increase in new businesses is good news for Newham and demonstrates the entrepreneurial nature and resilience of our residents. "Newham is home to some of the largest and most spectacular development sites in Europe. "More businesses will help contribute to this economic regeneration and will ultimately create more jobs for our residents."

(answer is YES)

London Marathon 2012 WK 21: Olympic Park Machine Gun and Anti-tank traps

)Run of the week was thru West Ham Park, then along the Greenway to Stratford High Street then thru Olympic Park back on Greenway to Old Ford Locks then to Temple Mills and back home again via West Ham Greenway. This took two hours (and resulted in an 'oribble blister in my left foot)

Inside the Olympic Park you actually pass Second World War London machine gun pill box and anti-tank defences, which are almost next to the
Olympic stadium (see picture).

There was a number of defensive rings built around London against an expected German invasion.

I once went on a West Ham Labour Party historical tour of the area led by a local historian who explained about the defences and that the final defensive ring in London was around Whitehall. The Prime Minister, Winston Churchill was reputed to have vowed never to leave in the event of an successful invasion and to have pledged to remain and defend London to the death. You could imagine his final counter attack against the advancing enemy while smoking his trademark cigar, with a glass of single malt whiskey in one hand and a Tommy gun in the other. 

I am running the London Marathon for a charity set up to prevent young people becoming homeless and helping them if they do. Check out "Alone in London". Click here to sponsor me on the Justgiving website.

Westfield Stratford City visit

 On Wednesday afternoon I went with other Newham Councillors for a tour of the new Shopping centre Westfield in Stratford.  This is my first visit to the site.  It is due to open next month and I think you cannot fail to be impressed by the development itself and the opportunities it will offer the borough.  

The centre is right next to the Olympic Park and will be the biggest City shopping centre in Europe.  Over 1.9 million sq ft, 300 units including John Lewis and Marks & Spencer's. As well as 70 new bars and restaurants.  You can commute from Stratford to St Pancras, central London in less than 10 minutes. I don't really think that all of us who live or work in Newham have quite realised the enormous impact that the Centre and the Olympic Park will have on our lives. 

Update: check visit pics on facebook here