Mackay defends loans to shipyard owned by government adviser
A shipyard owned by one of Nicola Sturgeon’s advisers got £45 million taxpayers’ cash because it needed “working capital” to finish two west coast ferries, Finance Secretary Derek Mackay has admitted.
Responding to questions at Holyrood yesterday Mr Mackay said the money given to Ferguson Marine in Port Glasgow to help with the two delayed ferries.
Ferguson Marine is owned by Jim Mccoll, who took it into his Clyde Blowers operation after it went into administration in 2014. Mr Mccoll sits on
the First Minister’s Council of Economic Advisers.
Last week it emerged that Fergusons received a government loan of £15m last year in addition to £30m it was lent by the SNP administration this year. The Scottish Government has said the cash was to help the yard diversify and win new orders.
But when asked what the money was for by Tory MSP Jamie Green, Mr Mackay said: “The financial support for Fergusons is to ensure, of course, the delivery of, the viability, the ongoing continuation of work at the yard, to ensure they had working capital: that was the specifics around the request.
“Of course they want the delivery of the new vessels as well. The vessels will absolutelybedeliveredandtheworking capital issue that was raised by Fergusons, we have provided support through the loans.”