Two former senior figures at bankrupt Woking council are to be investigated by the UK’s accounting watchdog after it racked up more than £2bn in debt on a failed investment spree.
The Surrey council declared itself effectively bankrupt in 2023 after ploughing vast sums of borrowed money into skyscrapers, a luxury hotel and other risky commercial investments, in what was one of the biggest financial failures in local government history.
Sources said an investigation into the individuals involved in the former Conservative-run council’s investment activities was being prepared by the Financial Reporting Council (FRC), the independent regulator that oversees the UK accountancy profession.
The watchdog is expected not to name the…
