Thursday 2 March 2017

Dodgy Times At The Green Investment Bank

The Green Investment Bank is to be privatised and the people of Scotland need to be better informed and made more aware of all the negotiations related to it's sale.

Not just because of the disaster that ensued when the Royal Mail was privatised (at a knock-down price which cost the public money) but because Strathclyde Pension Fund in Scotland has a sizeable stake in the Green Investment Bank and thousands of members of the Scottish public have their whole pension pot tied up in Strathclyde Pension Fund (part of Glasgow City Council).

These members of the public need to know that their money is safe and is being properly and ethically taken care of by the Glasgow City Council councillors who oversee Strathclyde Pension Fund.

Questions have already been raised after it was discovered that former investment banker Patricia Rodrigues - who helped set up the Green Investment Bank - now works for the Australian investor that is favourite to buy it.

But it isn't only a possible conflict of interest that's of concern here.

Serious concerns are being raised about possible ‘asset-stripping’ plans by the new owners (see article).

Then on top of that, MP’s have also raised serious concerns with Energy minister Nick Hurd that the bank, when sold, could then be perfectly free to back controversial fracking schemes (see article).

Hmmm, not very ‘Green’ eh?!

So when you add up worries about asset-stripping, worries about conflicts of interest, worries that the bank may claim to be ‘green’ while possibly supporting fracking, it becomes an ethics nightmare all round, especially considering what the bank is supposed to stand for.

It all sounds decidedly dodgy. 

Very dodgy indeed.

Bailie Philip Braat, chair of Strathclyde Pension Fund, said investing with the Green Investment Bank was “always going to be a good fit” for Strathclyde Pension Fund (see article).

With all the dodgy stuff that goes on there, I suppose he’s right on that one!