Skip to main content
Loading…

Seòmar agus comataidhean

Official Report: search what was said in Parliament

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

Criathragan Hide all filters

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 15 June 2025
Select which types of business to include


Select level of detail in results

Displaying 3214 contributions

|

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

We have some questions about the financial basis on which the bank was established and operates. Those will be put by Colin Beattie.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

That goes to one of your recommendations about transparency, does it not?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

I have a final question before I bring Graham Simpson in. One of the vehicles for investment is taking out an equity stake—I think that that is one of the options that the bank has, is it not? Are there examples of that? When equity stakes have been taken out, is a nominated person from the investment bank on the board of that organisation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

It is a very precise figure—92.3 per cent. When I look at the quantum of investments that have been awarded since the bank was established, I note the three biggest investments, at the maximum of £50 million. One went to North Star Shipping Renewables, which is based in Aberdeen—that is fair enough. However, £50 million went to the Ardersier port—to which you have referred already—which is owned by a venture capital company that is based in Houston, Texas. The third investment, in Gresham House Forestry Fund, has been quite controversial and has been raised in Parliament before. The fund is now owned by a private equity company that is based in 5th Avenue, New York.

Maybe this is just a fact of life, but it seems to me that quite a large amount of investment through decisions by the Scottish National Investment Bank has gone to big, private equity-owned international funds rather than to SMEs that are trying to grow their business in the terrain of the Scottish economy.

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

I am sorry, but this is work that the Scottish Government, using public money, has commissioned a private consultancy company to carry out. Why should we not at least know the scope of its work and its terms of reference?

Public Audit Committee [Draft]

Scottish Government Strategic Commercial Assets Division

Meeting date: 21 May 2025

Richard Leonard

Okay, so you have not done that yet.

You pledged to establish a transparency assurance panel to review the sensitivity status of material that is recorded in SCAD’s register of commercial advice. Have you established the transparency assurance panel?

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?