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Daily Record
Daily Record
Politics
Paul Hutcheon

Tycoon in fraud probe only paid £5 for Scottish Government backed smelting plan

Scottish Government Sanjeev Gupta Willie Rennie Sunday Times

Scottish ministers are facing transparency calls after it was revealed a metal tycoon under investigation for fraud paid just £5 towards the acquisition of a Highlands smelting plant – with taxpayers financing the rest of the £330 million deal.

Entrepreneur Sanjeev Gupta, chief executive of Liberty Steel, acquired the aluminium plant and two adjacent hydro power plants in 2016.

The Scottish Government has contributed up to half a billion pounds in guaranteed loans for the smelter and the hydro power plants, worth a total of £586 million.

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