Interesting story but as a tax specialist myself (VAT), it's a bit like adding 1 + 1 together and getting 4,000,000.
My guess is that UKIP don't actually have a clue what is going on and so couldn't say either way.
Jim Mc may be a Director of OPP Ltd which is a UK based company, as far as I can see.
The Luxembourg company which has an 81% share in OPP, may not have anything to do with the Council and Jim Mc other than the investment in OPP itself.
Unless Jim is also a member of the board for the Luxembourg company, I don't think Bickley has much of a point. Jim could just be representing the Councils interests, as I assume they are a minority shareholder.
I don't know ultimately but I don't think Bickley knows either.