Labour councillors want the investigation to focus on:
* Were the council’s investment procedures followed correctly?
* What impact this loss could have on council services?
* What steps have been taken to minimise future risks?
Labour finance spokesperson, Cllr Martin Cook said:
“This is a huge amount of money for the council to lose, equivalent to £125 per band D property. Ipswich council tax payers need to be reassured that procedures were followed correctly and that everything possible is being done to eliminate the potential for similar losses in future.”