Scottish govt gave Sanjeev Gupta GBP586mn guarantee

Wednesday 24th November 2021 05:19 EST

Metal magnet Sanjeev Gupta's GFG alliance had bought an aluminium smelter in Lochaber, near Fort William, and two nearby hydropower plants from Rio Tinto in 2016. At that time the total gross guarantee provided by Edinburgh was GBP586million.

After nearly two years freedom of information battle, the Scottish government has been forced to disclose that the value of the taxpayer guarantee it provided to Gupta's business was GBP587m.

The ministers, who had argued that revealing the size of the guarantee could disadvantage GFG, were eventually overruled by the Scottish Information Commissioner in September 2021.The Scottish government provided its guarantee, which covered annual amounts varying between £14m and £32m, in return for a fee.

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