Scotland Govt. accounts reveal distressing losses of £350 million from failed ventures; Sanjeev Gupta's Lochaber deal remains a focus

According to the government's official accounts, the Scottish Government spent £350 million on unsuccessful deals and endeavours during the most recent fiscal year.

Recent Scottish Government Consolidated Accounts reveal that a significant amount of money was squandered on failed projects despite the need to fund them.  

Its main source of concern stems from its contentious deal with Sanjeev Gupta, who acquired the Lochaber aluminium smelter in 2016.

A significant potential expense is associated with the 25-year agreement to guarantee payments for energy generation from the hydro network that feeds the aluminium smelter near Fort William.

Ministers have set aside £114 million in their accounts, with a potential cost of £32 million annually. The agreement with Gupta, who is currently the subject of a Serious Fraud Office probe, has received great attention lately.

Nicola Sturgeon signed a £586 million guarantee that SNP ministers will continue to buy energy from the Lochaber hydro plant, which powers the smelter, for the next 25 years if it is shut down.