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Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 2 August 2025
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Displaying 3298 contributions

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Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

The answer is not yet, is it not?

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

You also agreed to a recommendation that emanated from this committee’s work on the arrangements for ferries 801 and 802. The committee took evidence that suggested that there had been direction to the board of CMAL in the guise of shareholder authorisation. Is it correct that you have committed to publishing information about such instances, so that the Parliament will be notified when equivalent things happen in the future?

11:30  

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

That is fine.

I have one final question, which goes back to the GFG Alliance. You have alluded to proceedings that are currently under way around the specialist steel division, which is part of the GFG Alliance. The committee is also interested in a statement that the GFG Alliance put out in February this year, which was headed

“GFG reaches agreement with Greensill creditors on global debt settlement terms”.

Greensill, which was GFG’s financial backer, went into administration. Could you explain to us what that refinancing agreement means for the businesses that are owned by the GFG Alliance in Scotland?

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

Excellent. The next recommendation was on the establishment of

“An independent panel ... to provide challenge and review of proposed interventions.”

Have you established that?

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

I understand that.

The final recommendation—again, you alluded to this much earlier in this morning’s evidence session—that I want to put to you was about the establishment of

“a ‘Shareholder’ function with responsibility for managing ongoing interventions.”

I do not know whether, to all intents and purposes, that is the strategic commercial assets division’s—

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

What is the situation now? I refer to the comments of Mr Gupta, the executive chairman of the GFG Alliance, in his press release in February. He said that the agreement was a

“great relief ... It will enable us to push on from the deep challenges caused ... we are confident of being able to access longer-term financing to build on the significant investments we have already made”.

What does that mean for Lochaber, Motherwell or Clydebridge?

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

I will finish with this point. Earlier in the meeting, Mr Rhatigan, I think, said that he thought that the GFG Alliance arrangement in Lochaber meant that the Scottish Government had “big exposure”. The committee’s continuing interest in the fortunes and business performance of the GFG Alliance, with the Serious Fraud Office inquiries and all the other things that go along with that, lies in what exposure that places on the Scottish Government and Scottish public funds. We therefore retain a keen interest in this area.

On that note, I will have to draw this morning’s proceedings to a close. We have run quite a way over our anticipated time.

I thank our witnesses, Dermot Rhatigan, Colin Cook and director general Gregor Irwin, for their attendance and willingness to answer our questions. Thank you very much for your evidence this morning.

11:41 Meeting continued in private until 12:05.  

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

I will bring the deputy convener back in a little bit later, but Graham Simpson has some questions to put to you.

Public Audit Committee [Draft]

Decision on Taking Business in Private

Meeting date: 21 May 2025

Richard Leonard

Good morning. I welcome everyone to the 16th meeting in 2025 of the Public Audit Committee. Agenda item 1 is for the committee to decide whether to take agenda items 3, 4 and 5 in private. Do we agree to do so?

Members indicated agreement.

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

Agenda item 2 is consideration of the Scottish Government’s approach to financial interventions, in particular the strategic commercial assets division and its work. I am very pleased to welcome Gregor Irwin, who is the director general of economy at the Scottish Government, Colin Cook, who is the Scottish Government’s director of economic development, and Dermot Rhatigan, who is a deputy director and the lead on the strategic commercial assets division. We have some questions to put to you this morning but, before we get to them, I invite you, director general, to make an opening statement.