The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 3919 contributions
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
I welcome everyone back to this meeting of the Scottish Parliament’s Public Audit Committee. The next item on our agenda is consideration of the Scottish Government’s approach to financial interventions, with particular reference to the GFG Alliance arrangement at the Lochaber aluminium smelter.
I am pleased to welcome our two witnesses: Jeffrey Kabel, chief transformation officer at the Liberty Steel Group; and Helen Lambert, senior legal counsel at the GFG Alliance. You are both very welcome. Thank you for joining us—we appreciate it.
We have some questions that we would like to put to you, but, before we get to our questions, I invite Mr Kabel to make a short opening statement.
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
Thank you. Given that you mentioned that full transparency is important to you, I am bound to ask—you will have seen that the committee has raised this on a number of occasions—why you do not have any auditors and have not lodged audited accounts. As you will understand, we are the Public Audit Committee.
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
It was King & King.
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
Which year’s accounts were those?
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
Why has it been five years and you still do not have auditors in place?
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
You mentioned the Serious Fraud Office investigation, which I think goes back to 14 May 2021, so it is a long-standing investigation. My reading is that the SFO usually investigates only what it describes on its website as the most
“serious and complex fraud, bribery and corruption cases.”
Is that what it is investigating here?
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
However, it is a matter of public record that the headings of investigation that the SFO has are serious fraud, fraudulent trading and money laundering.
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
Is the investigation only in relation to Greensill Capital, or is it about the relationship with the GFG Alliance?
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
So, you do not know what the charges or the suspicions are, because the SFO is at the stage of suspicion and investigation.
Public Audit Committee [Draft]
Meeting date: 25 February 2026
Richard Leonard
Okay—you are the correspondent.