Creditors search for antiquities bought by bankrupt Tory donor

Investigations Editor

Sunday 30 September 2012

A MAJOR Tory donor's creditors are demanding to know the location of $350,000 (£215,000) of Jordanian artefacts purchased by the tycoon before he was declared bankrupt.

Custom byline text:

EXCLUSIVE by Paul Hutcheon

Malcolm Scott brought the lucrative cargo over from the Middle East in the same private jet he allowed Prime Minister David Cameron to use.

Until last year, Scott was the biggest individual donor to the UK Tories from north of the Border, pouring at least £1.6 million into the party.

As Scottish Conservative treasurer, he was also responsible for the party's financial stewardship.However, the millionaire's grain and property businesses collapsed earlier this year after his firms failed to repay huge loans.As the companies were put into administration, Scott was also sequestrated, the Scots word for being made bankrupt.His elderly parents were then financially ruined after they intervened to help their son.Creditors are now trying to find out how the Old Fettesian spent his millions, and whether any assets remain. The Sunday Herald can reveal that in the middle of the last decade, the period in which his spending reached its peak, Scott bought a raft of Jordanian antiquities in US dollars.It is understood he purchased the horde from a "Mr Twaisii" and took them back to Scotland on his jet.Scott's private plane, which has since been sold, had been used frequently to ferry senior Tory politicians around the UK.David Cameron used it to fly from Glasgow to Gatwick airport, as well as flying from Dundee to Oxford.The journeys were declared on his parliamentary register of interest.Foreign Secretary William Hague also benefited from Scott's jet. He declared use of it for travel to and from Edinburgh in March last year. The value of the gift was estimated at £4200.Hague, who was Scott's closest political ally in the Cabinet, received a £10,500 donation from the businessman in 2009, and landed up to £15,000 as an "adviser" to one of Scott's firms when the Tories were in opposition.The Sunday Herald can also reveal that administrators working on the Scott case have hired forensic accountants to piece together his business dealings.In a related issue, Scott's mansion in Kirknewton is now on the market for £2 million. The Georgian property, set over 21 acres, has nine bedrooms, six reception rooms, eight bathrooms and indoor swimming pool.It also boasts a lake, tennis court, electric gate, orangery, and a garden on which Scott is believed to have spent another £2m.As part of the asset trace, administrators are also trying to locate Persian rugs worth £45,500.Labour MP Graeme Morrice said: "Malcolm Scott has a duty to inform his creditors of the location of these Jordanian artefacts, which were brought into Scotland on the same jet used by the Prime Minister and the Foreign Secretary. Ruth Davidson should also order a review into the decisions made by Scott when he was the Scottish party's treasurer."A Scottish Conservative spokesman said: "These are private matters for Mr Scott, who is no longer involved with the Scottish Conservatives."Scott could not be contacted for comment.

Contextual targeting label:

Local government

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

Creditors search for antiquities bought by bankrupt Tory donor

Commenting & Moderation

MOST READ

SPONSORED LINKS

MOST COMMENTED