Taxpayer-backed Scottish National Investment Bank sees losses top £138 million

The Scottish National Investment Bank, a publicly-owned and independently operated body, has reported a net loss exceeding £138 million. This financial downturn is attributed to the collapse of three early investments made by the taxpayer-backed institution. Despite these significant losses, CEO David Ritchie stated that several developments over the past year have been encouraging. The bank continues its operations while managing the impact of these failed ventures on its overall financial performance and investment portfolio.