saveseilsound’s new blog gives Jamie McGrigor the facts on Scottish Salmon Company ownership

The energetic and high profile saveseilsound campaign began as a lobby to protect the important waters of Seil Sound from the pollution of salmon farming – and has become a point of reference for information on marine environmental research and regulation.

saveseilsound has now started a blog to enable constructive interaction between the campaign’s information base and everyone with information to share and questions to ask.

An early item – the top one at the moment – is a letter campaing member, Ewan Kennedy, has sent to Jamie McGrigor MSP, giving hims some facts on the ownership of the Scottish Salmon Company. The MSP, as the company name intends people to do, had assumed that it was ‘the only Scottish owned salmon farmer.

Mr Kennedy’s letter says:

‘Dear Mr McGrigor

The saveseilsound Campaign Group has noticed that you are being widely quoted in the Press describing the Scottish Salmon Company as the only Scottish owned fish farming company.  In view of your reputation for accuracy we think it likely that you are being misquoted, but in case there’s any doubt about the matter may I draw your attention to the shareholder list, which the company publishes online here:

http://www.scottishsalmon.com/en/plc-investor-share-information/largest-shareholders

You will observe that none of the largest shareholders is in fact Scottish and the largest one is a Czech nominee. The other main shareholders all appear to be Scandinavian.

It’s likely that behind this nominee is a group of investors from further afield, as the Chairman Robert M Brown III, a Moscow resident and ex-Lehman Brother MD, is a partner of the Kazahkstan Investment Fund.

Scottish Salmon Company Limited has its registered office in Jersey, which may deliver certain fiscal advantages but certainly does not scream out any great willingness to contribute to the United Kingdom Treasury.
Yours sincerely
Ewan G Kennedy’

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4 Responses to saveseilsound’s new blog gives Jamie McGrigor the facts on Scottish Salmon Company ownership

  1. Allegedly the Scottish Salmon Company is ultimately controlled by companies controlled by Yuri Lopatinsky, originally from the Ukraine, though SSC will not confirm or deny this themselves. Mr Lopatinsky himself might be willing to throw light on the accuracy or otherwise of this suggestion.

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  2. So what if the SSC is owned or controlled by someone in the Ukraine, the question is not of ownership but do they pay UK taxes on their profits in the UK?

    Rolls Royce an iconic UK Company I was surprised to learn does not pay UK Coperation Tax and in fact received for the second year in a row a £3m tax credit.
    Rolls Royce declared profits worldwide of £1.4billion

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    • If they’re owned outside Scotland, the profits will certainly go outside Scotland – which means that while there is a modest economic benefit in some jobs and spending from their presence, they are essentially farming Scotland’s resources and taking the profits elsewhere. This minimises the positive economic impact for the country.
      Moreover, there is a pattern of major investments – in the fish carrier boats for example – being made outside Scotland, rather than creating an industry to build these specialist boats here.
      In a different, but also marine resource related field, Germany’s WaveGen company announced yesterday that it is closing its Inverness operation and consolidating the knowledge base at a plant in Germany.
      Such companies are international carpetbaggers. They go where the subsidies are and, as with WaveGen, when the subsidy doesn’t look quite so fat, they up sticks and trot off – taking with them the knowledge base that they have kept much to themselves anyway. Such operations use a high proportion of imported expertise and even labour.

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  3. There’s an article mentioning Mr Lopatinsky here:

    http://www.scotsman.com/the-scotsman/business/interview-stewart-mclelland-chief-executive-of-the-scottish-salmon-company-1-2140434

    He’s about 41 years of age and brought up in the United States, where he attended Cornell University. There are suggestions that his fund owns parts of Charlotte Square, possibly including Bute House.

    As Roc Sandford suggests he’ll no doubt be delighted to clarify all these matters himself.

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