One of the firms to sign Nicola Sturgeon’s controversial “Chinese deal” has failed to carry out any of its promised investments.

London-registered SinoFortone Group Ltd was one of two companies to sign a 2015 memorandum of understanding with the first minister.

That deal sparked widespread controversy because its other part was a subsidiary of China Railway Group or CRG, a business blacklisted by Norway’s oil fund amid concerns over corruption.

However, weekend reports have now revealed that SinoFortone Group has not followed through on a series of high-profile investment announcements, including speculation it would buy Liverpool FC.

The Sunday Times said the firm, fronted by 30-something Peter Zhang, had only made one investment: it bought the Home Counties pub where David Cameron and Chinese President Xi had a pint together in 2015. SinoFortone Group, which has not filed any accounts since its 2015 creation, bought the £2m venue with a loan from the Royal Bank of Scotland.

The Scottish memorandum of understanding, which entailed no commitments by either side, was signed by Dr Zhang and his associate Sir Richard Heygate on behalf of both SinoFortone Group and the CRG subsidiary.

Scottish officials were said to have been impressed by BBC stories and reassurances from UK counterparts about the businesses.

Sir Richard told the Sunday Times: “Peter believed he could create a private vehicle without having any capital himself and I just thought that was impossible.”