URL: https://democracy.thurrock.gov.uk/ieDecisionDetails.aspx?ID=999

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Purpose:

Content: Councillor Morris-Cook introduced the report and explained that it provides an update on the council’s Divestment programme. £661 million pounds has been recovered which represents 63% of the original portfolio value. A further £130 million pounds is forecast to be received in the next year.   Councillor Morris-Cook stated that Liam Kavannagh is far from being let off the hook and is being pursued. Professional fees of £5.3 million have been incurred to date and this is forecast to raise to £10.6 million to 2029. This is equal to approximately 1% of the amount recovered so far.   The Leader stated that understandably it makes people angry hearing how much money was lost. The Leader queried if everything has been done to keep up the pressures on the divestments as the more we get back the less we have to rely on the Government.   Councillor Morris-Cook stated that no stone will be unturned. There are regular meetings between the S151 officer and Monitoring officer. As we move into LGR there will be no dilution on this.   The Leader responded that she was pleased to hear that.   RESOLVED:   2.1Cabinet noted the divestment programme progress and the impact on the Council’s CD; (Section 5);   2.2Cabinet noted the professional advisory fees incurred to date and forecast fees (Section 6);   2.3Cabinet approved the continuation of the delegations previously agreed by Cabinet to enable the implementation of the divestment strategy (Section 4.8); and   2.4Cabinet noted the decisions taken to deliver the programme to date (Section 6.8).  

Date of Decision: January 21, 2026