Sunday, 15 December 2013

Capita, conflicts of Interest and money lost in Iceland

Last week I saw a very interesting FOI request on the What Do They Know website submitted by Joel Benjamin. It relates to the advise provided to Barnet by financial advisors regarding the investments in the Icelandic banks. As we all know Barnet took a bath for £27 million and although they have recovered some money there is still money that may take years to return to Barnet's coffers.

Today I read a blog by Joel Benjamin, here, the person who asked this question. The blog links the advice provided to Barnet by a company called Butlers who were subsequently bought out by a Capita subsidiary called Sector. Suddenly the various blocks begin to drop into place and it really does start to raise enormously serious questions about the role of Capita and the issue of conflicts of of interest in the finances of Barnet. Readers may also remember that Capita insisted that the conflict of interest clause in their One Barnet contract was redacted. They stated:

 "This schedule was developed by Capita to address a contract consideration and reflects a detailed approach within Capita to manage conflict of interest considerations.  This forms part of the Capita business systems and therefore was provided in confidence as part of the evaluation process, and should not therefore be disclosed." 

I would like to thank  Joel Benjamin for bringing this matter  to all our attention but I am seriously worried that we will never hear anything . Democracy in Barnet has been outsourced and we are all the poorer for it.

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