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Chamber and committees

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 6 May 2025
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Displaying 1865 contributions

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Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

I am afraid that I could not find that address anywhere when I looked.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

Thank you.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

I will follow up on that last question from Colin Smyth about the Gresham House forestry fund, because I looked at your website, which says that 60 per cent of the fund will be directed to Scotland. Where is the rest going?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

Okay. According to the statement on your website about mission impacts,

“Investment in Travelnest supports the Bank’s mission to invest in innovation and industries of the future and supports key elements of the Scottish Technology Ecosystem Review.”

That review was written by the Government’s chief entrepreneur, Mark Logan, who was a director of Travelnest. When Mr Logan appeared before this committee in January this year, I put it to him that there was a potential conflict of interests there, with money going to Travelnest while he was a director. He agreed and said that he had already resigned as a director although, according to Companies House, he resigned 15 days after that. However, he is no longer a director. Do you accept that there was a conflict of interests there?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

I will move on. I have just one more question. I know that you work with the UK Infrastructure Bank. Do you have a memorandum of understanding with it yet?

11:00  

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

That could be quite a useful relationship.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

You say you did a thorough job, but if you had done a really thorough job, we would not be in this mess, would we? That is the reality. You should have foreseen the risks—[Laughter.]—ahead. You have described the Internal Market Act 2020—that is, having a scheme that works across the whole UK—as “a hurdle”. It is a pretty big hurdle and we have ended up with a company in administration. Is not it a fact that if you had done proper due diligence, you would not have gone ahead with the loan?

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

That is the truth of the matter.

Economy and Fair Work Committee

Scottish National Investment Bank

Meeting date: 21 June 2023

Graham Simpson

The convener asked you about the independence of the bank. In terms of perception, it looks as though you did the Government’s bidding. It was a political project that was voted through by Parliament, so to get the scheme up and running was political. You have come in full square behind the Government and have put £9 million of taxpayers’ money in and have just admitted that we could lose all that. The perception is that you were doing the Government’s work for it.

Economy and Fair Work Committee

Registers of Scotland

Meeting date: 14 June 2023

Graham Simpson

Thank you.