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Colchester Council's Icelandic saga is finally over
10:47am Wednesday 5th February 2014 in News
A BATTLE by Colchester Council to reclaim £4 million lost in an Icelandic invested in 2008 is finally over.
The authority has sold its claims against the insolvent estate of LBI, also known as Landsbanki, following an auction involving third parties.
The deal means Colchester Council will not receive the full £4 million deposited with the bank in September 2008, weeks before it collapsed.
However Paul Smith, councillor responsible for resources, said more than half of the cash had already been repaid while there were no guarantees the council would have received the full amount.
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