Woking Council Bankruptcy Roles Investigated: Two Ex-Members Probed

Woking Council’s bankruptcy faces scrutiny. Two ex-officers are under investigation now. The Financial Reporting Council looks at their actions. They are examining “professional standards.”

This review covers 2017 to 2023 finances. Ray Morgan, ex-CEO, confirms his investigation. Leigh Clarke, ex-finance chief, is the other one. She left before the bankruptcy declaration.

Woking’s debt exceeded £2 billion. Job cuts and tax hikes followed the crisis. Service funding also got reduced drastically then. The FRC previously probed Thurrock Council.

Woking’s case might take a long time. Sanctions range from fines to warnings. They could lose their membership.

A report named Ray Morgan and Leigh Clarke already. It detailed Woking’s borrowing history. This ran from 1999 to 2020 using public funds. Borrowing sped up from 2016 to 2019 rapidly.

They funded town projects with the money. The council also covered company costs. A private school got loans.

The report mentioned Ray Morgan specifically. He thought endless borrowing was okay, if serviceable. This message repeated for many years.

An MP wants those responsible held liable. He welcomes the FRC’s investigation of them. The council leader seeks full transparency now. She wants accountability for the issues. She says they will help the FRC.

The FRC investigates only the individuals involved. The probe does not extend to other parties. The FRC started the accountancy scheme investigation. It concerns governance, rules, and conduct standards.

The probe examines activities from 2017 to 2023. Neither person works for the council now. The FRC’s committee decided on December 17, 2024 to act. The FRC’s executive counsel handles it.