The Financial Reporting Council (FRC) has officially sanctioned Sean Clark, Thurrock Council’s former Director of Finance and S151 Officer, in relation to his role in the council’s failed investment scheme.
The FRC launched its investigation in January 2024 and issued its findings on Thursday 8 May.
Mr Clark has been excluded as a Member of the Association of Chartered Certified Accountants (ACCA) for a recommended period of 5 years and been issued a Severe Reprimand by the FRC.
Cllr John Kent, Leader of Thurrock Council, said: “Thurrock residents rightly expect answers about the financial failures of the past, and so we welcome this report from the Financial Reporting Council, which identifies a number of failures by a former member of staff linked to the failed investments, which they say amounted to misconduct.
“We have worked hard to put things right at the council under Government intervention, but where individuals were at fault, it is also right and proper that they are held to account.”
The full statement from the FRC can be found on their website