A local advocate is praising the 'fairly responsible attitude' of the Manx Electricity Autority in admitting it obtained ?120 million in loans unlawfully.
Next week the Treasury will ask Tynwald to grant retrospective approval for the borrowings, which would avoid lengthy legal proceedings, the cost of which could run to millions of pounds.
John Wright (pictured) hopes the Select Committee which is set to examine the issue can find the answer to questions such as who took the decision to borrow and why, with such a huge sum involved, the Treasury didn't realise what was happening:
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