Fight for Iceland money

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IT is proving an uphill struggle for East Lindsey District Council to claw back money put at risk by the collapse of Icelandic banks almost three years ago.

Of £4 million invested, a total of £2.47 million is still outstanding.

Despite the slow progress, a report to councillors predicts that as much as £3.56 million will eventually be recovered, assuming decisions made by the Icelandic Supreme Court are favourable to ELDC.

Fighting the corner for the Manby based authority - and other councils in a similar position - is a law firm hired by the Local Government Association.