UK Government cancels Gupta loans, now Scottish Government must end secrecy

Following the news that the UK government has withdrawn guarantees on £400m of loans Greensill Capital made to companies linked to Sanjeev Gupta, Scottish Liberal Democrat economy spokesperson Willie Rennie has called on the Scottish Government to set out the steps that it is taking to protect Scottish public finances and the taxpayer.

The metals magnate’s business empire is under criminal investigation for suspected fraud and money laundering. The Scottish Government has provide hundreds of millions of pounds of financial guarantees to GFG alliance at Lochaber and is exposed for clean-up costs at its Lanarkshire steel mills however it has refused to set out what steps it has taken to protect Scottish public finances.

Willie Rennie said:

“The financial arrangements between the SNP Government and the GFG alliance are mired in secrecy. I have repeatedly asked for details of the steps ministers have taken to protect our hard earned taxes but I have been blocked at every corner.

“We were promised 2,000 jobs at Lochaber in return for hundreds of millions of pounds of financial guarantees, but those jobs have not materialised.

“The SNP Government’s cack-handed approach to the Lanarkshire steel mills means that we could be exposed to millions of pounds for the environmental clean-up. 

“The industrial intervention strategy of this government is not a good one, which is why we need to be told more.

“The UK Government have taken action and been open about it so why can’t the Scottish Government do likewise?”

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