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John Ferguson

£50m of public cash ploughed into firm linked to tax haven by bank set up by Nicola Sturgeon

Nicola Sturgeon Gresham House SNIB Willie Watt Scottish National Investment Bank

A bank set up by Nicola Sturgeon has ploughed £50million of public money into a firm linked to a tax haven.

The money has been handed to asset managers Gresham House to invest in a forestry fund aimed at "high-net-worth" clients seeking "tax efficient structures".

The company has admitted owning a management company in Guernsey – widely regarded as a tax haven – and chairman Anthony Townsend was named in the Paradise Papers as having previously been a director of an offshore firm in the Isle of Man.

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