THE controversial Scottish National Investment Bank this week posted a loss of more than £3 million in its maiden accounts, and revealed the value of the pay received by its first chief executive, who left abruptly.

The state-backed development bank opened its doors in November 2020 with a £2 billion war-chest to invest in Scottish companies engaged in three key “missions”: the drive to net zero, tackling “place-based” inequality, and harnessing innovation to help people flourish.

Inaugural accounts published yesterday show that it made an unrealised loss of £3.4 million in the year ended March 31, which the bank said could be largely attributed to the “early valuation profile of fund investments where unrealised losses are entirely expected followed by capital appreciation in later years.”

The period, covered by the accounts, during which the bank was mired in controversy, saw the bank deploy £141.9 million of capital to support businesses and projects in Scotland, which it said had leveraged a further £327m of investment.

First Nicklaus 'residential golf community' in Europe launched in Scotland

GLOBAL golfing legend Jack Nicklaus has chosen Scotland, which he declared "holds a very special place" in his heart, for a European first.

The Herald: Nicklaus Companies and Scottish developer FM Group declared the development of luxury homes at the historic Ury Estate was 'set to be one of the most select golf residential-resort communities in the world'. Picture: FM GroupNicklaus Companies and Scottish developer FM Group declared the development of luxury homes at the historic Ury Estate was 'set to be one of the most select golf residential-resort communities in the world'. Picture: FM Group (Image: fm group)

The first Nicklaus-branded “residential golf community” in Europe, near Stonehaven, was launched this week. The development is being built around an 18-hole Jack Nicklaus signature golf course which is under construction. The site includes Ury Castle.

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Cyber security firm to create 50 jobs

SECURITY specialist Adarma is set to create 50 new jobs within the next three years following a £2 million grant award economic development agency Scottish Enterprise.

The Herald: The company, led by chief executive John Maynard, said it intends to create an inclusive career entry point for young people from diverse academic backgrounds to widen its recruitment pool.The company, led by chief executive John Maynard, said it intends to create an inclusive career entry point for young people from diverse academic backgrounds to widen its recruitment pool. (Image: adarma)

The funding from Scottish Enterprise is part of a larger research and development investment programme by Edinburgh-based Adarma as it expands its suite of cybersecurity services and intellectual property.

​'Field to bottle' whisky distillery plan for Scottish farm

A NEW "field to bottle" whisky distillery proposal that could also include a 300-year-old former laird’s house as a tasting centre as part of its longer term business proposal has been unveiled.

The Herald: The long-term objective is to produce whisky leaving a zero-carbon footprint with an environmental legacy running through all aspects of the distillery, from the energy used to the buildings’ conversion and sustainable farming practices. Picture: Getty ImagesThe long-term objective is to produce whisky leaving a zero-carbon footprint with an environmental legacy running through all aspects of the distillery, from the energy used to the buildings’ conversion and sustainable farming practices. Picture: Getty Images (Image: Getty)

Plans have been submitted to the Scottish Borders Council to create the new single malt whisky distillery at a former farm which draws on the region’s natural environment.

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