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Headline

Garden Bridge trustees may have ‘breached their legal duties’ says QC

Comment

Archeps — Good questions. Don’t know about the first, but there is some information on the second. The truth is that most of the ‘private’ money that was raised was actually in the form of pledges from other grant-giving trusts and foundations. So it was never ‘new’ investment into London — it was just cannibalising funds that would have been spent anyway on other worthy projects. Because those trusts and foundations (and a few corporate sponsors) knew what they were doing, they made their grants conditional on the project starting construction. To the extent that the Garden Bridge Trust spent any of that ‘private’ money, it now has to be paid back to the donors — hence the outstanding £9 million claim that is expected by TFL. Incidentally, the grants from TFL had similar conditions attached and no more than £16 million should ever have been put ‘at risk’ before construction started. It is only because TFL kept buckling to the Trust’s demands and waiving its own funding conditions that we are now in this mess.

Posted date

31 July, 2018

Posted time

4:16 pm

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