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 2811 contributions
Economy and Fair Work Committee
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
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?
11:00Economy and Fair Work Committee
Meeting date: 21 June 2023
Graham Simpson
That could be quite a useful relationship.
Economy and Fair Work Committee
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
Meeting date: 21 June 2023
Graham Simpson
That is the truth of the matter.
Economy and Fair Work Committee
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
Meeting date: 21 June 2023
Graham Simpson
You could lose the whole £9 million, could you not?
Economy and Fair Work Committee
Meeting date: 21 June 2023
Graham Simpson
That is why I deliberately used the word “perception”—
Economy and Fair Work Committee
Meeting date: 21 June 2023
Graham Simpson
—because perception is important. It is maybe not something that you often consider in the banking world, but perhaps you should.
I have a final question. Does Circularity Scotland have any assets? Does it own anything?
Economy and Fair Work Committee
Meeting date: 21 June 2023
Graham Simpson
Okay. When you make investments, do you always try to invest in companies that are based in Scotland to ensure that the money is, as you have just said, spent in Scotland?