THE Scottish Government has refused to explain the abrupt and mysterious departure of the woman running the country’s £2billion investment bank.

SNP finance secretary Kate Forbes was jeered by MSPs at Holyrood as she repeatedly refused to tell parliament what the bank had told her about the exit of £235,000-a-year Eilidh Mactaggart.

Ms Mactaggart quit as chief executive of the state-owned Scottish National Investment Bank last week with immediate effect, but the institution gave no further details

The 47-year-old had been chosen to lead the bank in April 2020 ahead of its launch in November that year.

The Bank’s chief financial officer Sarah Roughhead is now acting as chief executive while the bank’s board looks for a replacement.

The Scottish Government has pledged to give the SNIB £2bn over 10 years to help it support green jobs as the country makes a just transition to a net zero economy. 

It has already disbursed £200m to 13 projects and employs 50 staff.

At Holyrood today, Tory MSP Liz Smith tabled an urgent question and asked Ms Forbes to tell parliament “the exact reasons” for Ms Mactaggart’s resignation 

Ms Forbes acknowledged there was legitimate interest in the matter, but refused to reveal what the bank had said, saying it was a matter for Ms Mactaggart and the board.

She said: “I recognise that there is significant interest and questions around the chief executive’s resignation due to the seniority of her role and the importance of the Scottish National Investment Bank to Scotland’s economy.

“The reasons for the former chief executive’s resignation are a matter for her and the bank’s board. 

“The board have kept ministers up to date with all matters relating to the chief executive, and the executive team and board members will continue to provide strong leadership for staff and bank clients.”

Ms Smith said Ms Forbes had previously stressed the SNIB’s critical role and asked if  there should be full transparency given the large sums of public money being given to the bank.

She asked Ms Forbes if the public had “the right to know the full details of the current situation and the reasons why Ms Mactagart resigned”.

However an uncomfortable looking Ms Forbes again refused to explain the situation.

She said: “I would echo the comments that Liz Smith has just quoted me on, because since its launch the bank has made significantly good progress.

“They have built up an operational structure, they have recruited 50 staff, delivered £200m of investment to 13 projects, and they continue to build that investment portfolio, and we expect further announcements about investments over the coming weeks. It will continue to support our recovery.

“As I said already, I note, I know that there’s public interest, there’s political interest in answers and in ensuring there is transparency.

“I can say once again that matters related to the former chief executive’s resignation from the bank are very much for the former chief executive and for the bank’s board.”

It was the second transprancy row of the day for Ms Forbes, who this morning launched the Scottish Government's 10-year economic strategy.

Despite inviting the media to watch the event online, the Government refused to let journalists ask her any questions on the document.

Ms Smith said later: "The Scottish Government has left us completely in the dark about what is happening at the Scottish National Investment Bank.

"There may well be personal reasons for Eilidh Mactaggart’s resignation but the Scottish Government must acknowledge the extent of public concern about this matter.

"The Scottish Government has an obligation to ensure there is full transparency about this situation and as quickly as possible.”

Scottish Liberal Democrat economy spokesperson Willie Rennie said: "Ministers have made the National Investment Bank one of their flagship economic initiatives at a time when the Scottish economy is falling further behind other parts of the UK.

"It is absolutely essential that with vast sums of taxpayers' money at stake skilled senior leadership is in place. The government will have to move fast to ensure that this gap at the top is swiftly filled and businesses are reassured that the right person is in the job.

“We need greater transparency from the SNP Government when such large sums of money are involved.”

The Scottish National Investment Bank was also asked for an explanation in light of today's row, but refused to expand on what it said last week.

Willie Watt, Chair of the Board, said: “The Board would like to thank Eilidh for the contribution she has made as we successfully launched the Scottish National Investment Bank. We have a strong team in place that remains focused on investing to deliver growth, jobs and enhanced social and environmental benefits for the people of Scotland.

“Having committed almost £200 million since launch, we are in an excellent position to deliver on our objectives, and I am proud of the significant investments we have made so far.

"We have lots more to do and I look forward to continuing the Bank’s missions to support the transition to net zero, extend equality of opportunity and harness innovation to enable the people of Scotland to flourish.”