The Labour Party has finally decided to give up on the Co-op Bank, and will move its enormous debt (granted by the Co-op at preferential rates) elsewhere.
This late action comes as the Co-op sinks further into the mire. Aside from the issues surrounding its losses, governance, Paul Flowers, and the resignation of Lord Myners it also recently came to light that Munir Malik one of its board has been suspended because he falsely claimed to be a chartered accountant.
Malik, who was part of the group's "values and principles board" was been suspended, and an investigation launched into his qualifications.
The ICAEW told economia that Malik had been previously struck off as a chartered accountant and shouldn't be using the qualification. He was appointed to the Co-op board in May 2013.
"Values and Principles" eh!?
Those of you wondering where labour will be placing its debt need look no further than the Unitytrust bank.
Oddly enough its shareholders include the Co-op!
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