Skip to main content
Loading…

Seòmar agus comataidhean

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

Criathragan Hide all filters

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 4 May 2021
  6. Current session: 13 May 2021 to 9 March 2026
Select which types of business to include


Select level of detail in results

Displaying 3854 contributions

|

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

You mentioned the Serious Fraud Office investigation, which I think goes back to 14 May 2021, so it is a long-standing investigation. My reading is that the SFO usually investigates only what it describes on its website as the most

“serious and complex fraud, bribery and corruption cases.”

Is that what it is investigating here?

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

However, it is a matter of public record that the headings of investigation that the SFO has are serious fraud, fraudulent trading and money laundering.

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

Is the investigation only in relation to Greensill Capital, or is it about the relationship with the GFG Alliance?

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

So, you do not know what the charges or the suspicions are, because the SFO is at the stage of suspicion and investigation.

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

Okay—you are the correspondent.

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

Where does Mr Sanjeev Gupta sit in this?

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

I have one final question before I bring in the deputy convener. It concerns a historical issue that will have occurred before your time, Mr Kabel—perhaps Ms Lambert can help. A document that was produced in 2016 by EY—formerly Ernst & Young—on the business case for the arrangement between the Scottish Government and the GFG Alliance discussed the borrowings that the SIMEC Group had at that time, which were $21.3 million due to B&N Bank Russia; $25 million due to International Bank of St Petersburg, secured against receivables; and $34 million due to Greensill Capital Ltd, which was an unsecured loan. I take it that you no longer have financial relationships with Russian financial institutions. Is that correct?

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

Okay. So, as far as that issue is concerned, you think that you are above board and kosher.

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

Yes—we will go for that one.

Public Audit Committee [Draft]

Scottish Government’s Approach to Financial Interventions: GFG Alliance

Meeting date: 25 February 2026

Richard Leonard

The transfer of manufacturing of cars to China?