This week the fight continues in Iceland where a high court is in session determining the status of West Lindsey District Council’s claim to money that was invested in the failed Landisbanki - under the council's Treasury Management Strategy wrongly locked in place by the controlling Liberal Democrats at the time.
 |
Leader of West Lindsey District
Council Cllr. Burt Keimach. |
Currently the Local Government Association are fighting to keep the Priority Claim status for councils across the country, which is why this case in Iceland is so important to the residents and the taxpayers of the district. Failure to secure such status could lead to less of the public's money being returned. A separate amount, similarly lost, is still held in Glitnir, with a court case expected in mid-March.
Conservatives have been fighting hard to get back the money for local people and Conservative Leader of West Lindsey District Council, Cllr. Burt Keimach,
Conservative (Market Rasen Ward), expects the majority of the Icelandic money to be returned, which will ease the pressures on the 2011/12 budget for the council. Speaking exclusively to this blog, he said:
"We have clawed back £1,010,000 already and expect another tranche later this year in June. I think we can realistically expect that we will recover 90% of the money."
