£35m Lost: We Will Know Why

Connor Bertie

Four months after ex-Principal Gillespie announced a ‘surprise’ loss of £35m, the SFC is set to find out why.

Led by Professor Pamela Gilles, former Principal at Glasgow Caledonian University, the independent investigation launched by the Scottish Funding Council (SFC) will look into the deep-rooted causes of such a catastrophic mismanagement of money.

The major points of investigation are this: how the University Executive Group (EUG) lost £35m seemingly overnight between the 13th and 14th November 2024; where this money has gone; why the UEG were (to their recollection) completely unaware of this steep decline in funds; and who exactly is to be named accountable for this situation.

This comes after the disastrous ‘embarrassment’ in Parliament last Wednesday, which saw the UEG intensely questioned by the Education Committee on their ‘recovery plan’, which involves the loss of 632 jobs.

As the previous UEG leaders: deserter Iain Gillespie, Peter Fotheringham and Amanda Millar have all left their posts since the announcement last year, they have been called upon to attend the next Education Committee in Holyrood. None have yet accepted their invitations.

The SFC have released their official Terms of Reference that detail their intentions; this can be read here.

Students and staff are encouraged to comment on the Terms of Reference. The SFC will take all perspectives into account when conducting their investigation.

Your insights could genuinely help the investigation going forward. If you wish to share your thoughts, email the SFC before the 31st March at: enquiries@sfc.ac.uk 

Interim Principal Shane O’Neill stated in an email earlier this today that the UEG “will engage fully with the investigation and act on its findings.”