Friday, 12 July 2013

Council Leader Sees No Wrong In Suspected UBS Pension Raid

Letter From Havering Council Leader Michael White

Dear Sir,

Thank you for your email regarding your concerns over one of the Council’s pension funds managed by UBS.

I am afraid that I have nothing further to add to Cllr. Ramsey’s response included within the Romford Recorder article that you have referred to. Pensions are indeed long term investments and as such, are subject to fluctuations within the market.

The Council’s pension funds are managed by multiple managers who invest diversely to protect the fund from fluctuations in the market, however, we are unable to completely eradicate the element of risk that comes with all investments. These particular losses have been off-set by £6m of rental income from the fund manager. Also, of all the fund managers in the pension fund it is the only one that has incurred losses, demonstrating the anomalous nature of this instance.

This administration has provided a safe pair of hands for the Council’s finances throughout its term and will continue to do so with the delivery of savings targets, while protecting our frontline services and keeping Council Tax low.

Yours sincerely,

Councillor Michael  White|  Leader of the Council
London Borough of Havering  |  Leader's Office
Town Hall  |  Main Road  |  Romford  |  RM1 3BD
Tel: 01708 432031  |  Email: michael.white@havering.gov.uk

Michael White sees "criminal-protecting" company Coborn Engineering receive Havering business award. Employees at Coborn Engineering are suspected of being involved in car-related and other crime.  One employee "TB" suspected of orchestrating car hire purchase crime with ex-school friends and other Coborn employees is the son of an  ex-police officer and regularly receives visits from serving police officers who check on his welfare despite several criminal accusations. Any report about "TB" appears to go missing from police records and no investigation ever occurs. The directors of Coborn Engineering obviously believe that their royal contacts put them above the law and dismiss any allegations with a misplaced air of superiority.

"Criminal" Havering Engineering Firm Receive Business Award

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