Mackay is all at sea over £142million ferry cash
THE story so far. After building ships in Port Glasgow since 1902, after being bought, sold, nationalised into British Shipbuilders and being sold again, the Ferguson yard goes into administration in 2014.
In the run-up to the independence referendum in steps businessman Jim McColl, one of Scotland’s richest men and a big Yes supporter.
Every trick in the book is deployed to enable McColl’s rescue of the ailing yard. Alex Salmond trumpets the backing of the highest profile business figure and independence supporter as the saviour of shipbuilding.
McColl, who sits on the First Minister’s council of economic advisers, is hailed a nationalist hero investing in an industrial heritage as an independent Scotland’s proud future.
The following year, the yard wins a £97million Scottish Government contract to build two new ferries for Government-owned Caledonian MacBrayne. Rival bidders from foreign yards are left disappointed.
But delivery of the two vessels is badly delayed, the completion date disappearing over the horizon as the steel plating piles up in the yard.
In June, Finance Secretary Derek Mackay announces a £30million loan to Ferguson Marine Engineering to help the firm “diversify” into low-carbon marine projects and decommissioning work, effectively an ill-disguised bailout.
But Mackay did not mention that he had already loaned Ferguson’s £15million in September last year.
That was undeclared at the time because of “commercial confidentiality”, otherwise known on the Clyde as cashflow problems.
Now Mackay has changed his story and admitted the money was for a “continuation of work” to finish the overdue ferry order. Previously, the money was to help the yard diversify.
So far that’s £142million to the Monaco tax haven-based billionaire supporter of the SNP and still no sign of the ferries.
There’s now a race to see if they’ll be launched before Mackay gets out of the deep water he’s been dooked in.