A thread based on Scottish Gov 2019/20 Accounts. Financial support to four companies have had an adverse effect on the accounts. These highlight SNP government incompetence for which they should be held responsible and, in any other government, resignations would follow.
Prestwick Airport: £43.4 million in loans invested by March 2020, value of asset now revalued at £10m to reflect expected losses. No prospect of being returned to private ownership anytime soon.
Ferguson Marine: £45m in loans by April 2019, entered administration in August 2019, an additional £7m expended in supporting outgoings and grant funding. Not a single ferry yet delivered.
Burntisland Fabrications (BiFab): Loan facilities totalling £51m provided by 2018, concerted into an equity stake of 32%. An additional £5m provided in May 2020. Entered administration December 2020.
Lochaber Aluminium Smelter: In 2016 Scot Gov agreed to guarantee power purchase of smelter. Scot Gov expected to receive annual fee valued at £21.4m. Asset now revalued at 'nil' in 2019/20 accounts.
Scot Gov responsible for managing both the European Social Fund and Regional Development Fund. Both funds suspended in Scotland by European Commission due to concerns over management and control. Possible penalties of £190m.
But, hey, it's all about FREEDOM!
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