A FORMER property tycoon praised by the Scottish Tories for his "undoubted business acumen" has been disqualified as a company director for tax dodging.

Thomas Coakley was disqualified for seven years at the request of the UK Department of Business, Innovation & Skills earlier this month.

The disqualification report says the 53-year-old failed to ensure his company, St Vincent (491) Ltd, paid the taxman employee PAYE and national insurance contributions.

The firm also made undeclared payments to its directors without paying tax.

The report also says "Thomas Coakley breached his fiduciary duties" by moving £26,245 out of the firm just 48 hours before it went bust, despite it owing money elsewhere.

In 2011, Coakley promised the Scottish Conservatives £1 million in donations over 10 years.

The party's then chairman, Andrew Fulton, said he was "delighted" with Coakley's backing, and said: "I have come to know Tom well and to appreciate his ... undoubted business acumen".

Coakley later withdrew his offer after his friend was deselected as a Holyrood candidate.

The SNP said the Tories' past praise of Coakley showed poor judgment and accused the party of being "dazzled by money".

The son of a boxing promoter from a Bellshill council estate, Coakley was a professional footballer with Dundee before making a fortune in the property business.

He had a private jet, a fondness for Rolls-Royces, and even tried to take over Motherwell FC.

By 2008, the Sunday Times Rich List estimated his net worth at £70m.

His Coakley Group had investments in business parks, nightclubs, property in Mayfair and Malaga, and planned a £22m bio-gas renewable energy plant next to the M74.

However, his empire crumbled after the global crash, and he was sequestrated, the Scots term for being made bankrupt, in January 2013, with net debts of £26.4m.

He owed almost £38,000 on his Barclaycard, £140,000 on a Rolls-Royce Phantom he was forced to return, and £934,000 to New York-based Citibank for a mansion in Marbella.

It emerged he had borrowed millions against a six-acre field in Lesmahagow bought for just £300,000.

Although the bankruptcy was discharged last month, Coakley's return to business has been blocked by his disqualification over St Vincent (491) Ltd, which once had a portfolio of 50 properties across Scotland.

Investigators found that between its creation in April 2010 and administration in February 2013, the firm was obliged to make salary payments of £372,093, but actually paid out £512,811, or £140,718 more.

Yet it told HMRC its PAYE/NIC liabilities in 2011/12 and 2012/13 were just £6,852.

When the firm failed on 14 February, 2014, it was £99,000 overdrawn.

It owed Nationwide around £12.6m and other creditors around £8.4m.

Coakley's son Ronald, 28, a fellow director of St Vincent (491) Ltd, was disqualified as a director for three years and six months for his part in the same actions.

In a 2010 interview, Thomas Coakley said he was not reckless but added "I will take chances".

According to the disqualification notice, his last known address was a £1m flat in Mayfair, while Ron Coakley's last known address was in Riyadh.

On his LinkedIn profile, Ron Coakley says he is now a real estate manager with M.H. Alshaya Co in Saudi Arabia and is "very passionate about men's tailoring and wristwatches".

Neither could be contacted last night.

A Tory spokesman said: "Mr Coakley has nothing to do with the Scottish Conservatives, has never donated money, and therefore his personal circumstances are not our concern."