Received: 20 October 2020
The Audit Committee for 19 October states in this report (item 10) to committee:
the following wording as an "ISSUE":
"In 2018/19 the Council acquired an entity that provided it with an option to purchase land from Network Rail in the Brent Cross South development zone. The acquisition of this entity was as a joint venture through the Council and a separate wholly-owned subsidiary. The Council advanced a £5 million loan to the subsidiary for it to purchase its share of the entity. The acquisition cost of £10 million reflected the value of the option to purchase the land. ..."
The wording about the "issue" continues, and a second column then says as a "COMMENT":
"The financial model for the Brent Cross South development on this land does not support the impairment of the investment or loan to the subsidiary. This has been corrected by management."
The ICO is content that questions can be asked in a FoI request, as long as no new data needs to be created.
With that in mind:
FoI Act request:
Please be kind enough to answer two questions:
(1) What is the complete name of the "entity" mentioned above?
(2) What is the complete name of the "subsidiary" mentioned above?
Outcome / Documents
- Response (all information to be supplied) - application/pdf - Download