A FIRM set up by shamed former finance minister Derek Mackay is worth just £18,000 — three years after he was in charge of a Government department handing £43 billion.
The ex-SNP big-wig was exposed for pestering a teenage boy on the eve of giving a budget speech on how his government would handle taxpayers cash.
But now we can reveal that his management consultancy firm, Lochan Associates Ltd, has assets of £18, 186.
Documents show the business owes £10,000 to creditors.
And the sum total of everything the firm owns once its debts are taken into account is £8,186.
We told how he set up the firm in February last year.
Accounts – published this month – reveal details of the companies balance sheet as of June.
The firm, which has a single employee, even benefited from an interest free loan of £5,354.
Last night one financial expert said: “It’s a one person company.
“There would appear to be £8,000 of profit, but there is no visibility as to level of trading other than he’s not doing a level of trading that requires him to file more extensive financial statements.
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“As a government minister he had a massive budget. He was in control financially of a multi-billion pound budget within the constraints of devolution.
“It’s a stark contrast to what he used to do. He’s limited to what someone will pay him on a daily or an hourly rate.”
Earlier this year Mackay, 46, told The Scottish Sun that he was “contributing to society”.
Making a rare public appearance at an energy conference in Glasgow in May, he said he apologised to the family of the lad for bombarding him with texts.
And Mackay said he was now “getting on with his life”.
We revealed previously how between August 2019 and February 2020, Mackay bombarded the then 16-year-old with 270 online notes – including one calling him “cute”.
Earlier this year we revealed how Mackay put his home in Renfrewshire on the market for £455,000 looking to make a £55,000 profit.
The disgraced politician has refused to justify his receipt of more than £130,000 in public money after he vanished from Holyrood.
Mackay was the transport minister who awarded a contract for two ferries to Ferguson Marine in Port Glasgow in 2015.
The ferries have since been delayed by over five years and costs have soared.
He was finance secretary from June 2018 until February 2020.
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In a previous draft budget for 2019-2020 Mackay said he would not cut taxes for higher earners in Scotland – despite a decision by the UK chancellor to give them tax breaks.
He faced criticism in May 2019 when he scrapped plans to cut the amount of tax paid by passengers flying from Scottish airports.
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