A Conservative councillor and former banker has branded an attempt by opponents to bring up his business history as “gutter politics” — despite serving on Gloucester County Council as executive member for, erm, finance.
Cllr Ray Theodoulou was head of the Hong Kong arm of Standard Chartered Securities between 1992 and 1994, during which time a market-rigging scandal emerged. Despite claiming that it had started before he joined, Cllr Theodoulou resigned and was publicly reprimanded by officials for “failing to exercise proper management, supervision and control”.
The details, disseminated locally by Lib Dems after appearing in Private Eye, seem to have ignited a debate over Cllr Theodoulou’s business credentials, but the embattled councillor insisted:
“Theirs are gutter politics of the worst kind; I am sure they will be unacceptable to voters”
With the current financial crisis hitting voters in the pocket, Scrapbook suspects it’s market-rigging that is “unacceptable to voters”.