It has been confirmed that former Council Leader and 13-year councillor for Wokingham Without, Perry Lewis has resigned with immediate effect.The dramatic news is said to stem from Mr Lewis' desire to "spend more time with his family" and allow his party to develop new talent, according to his official statement.
Mr Lewis was also Chair of Wokingham Borough Council's finance scrutiny committee which is overseeing the investigation into decisions surrounding the council's investment of £5m into collapsed Icelandic Banks, Heritable and Landsbanki.
Labour blogger Andy Peacock suggests the the resignation is a preemptive response to the findings of the investigation and considers the news a positive morale boost to his party, despite the likelihood that the public funds are probably unrecoverable.
Cllr Lewis was a key member of the Conservative team which ousted the former minority Liberal Democrat administration by pledging to introduce a more competent economic regime.
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Update: Wokingham BC "did no wrong" in making the investments.
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