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London Capital Group Ltd

Volume 884: debated on Wednesday 15 January 1975

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asked the Secretary of State for Trade if he will set up a special investigation by his Department into the London Capital Group and associated subsidiaries.

Following preliminary inquiries by officers of my Department, my right hon. Friend appointed Mr. M. D. Sherrard, QC and Mr. I. F. H. Davison, FCA on 31st December 1974 as inspectors under Section 165(b) of the Companies Act 1948, to investigate the affairs of London Capital Group Limited. The inspectors are empowered to investigate the affairs of that company's subsidiary companies. They commenced their inquiries without delay. Subsequently my right hon. Friend appointed the same inspectors under Section 165(b) to investigate the affairs of Export Promotions and Consultancy Services Limited and of Global Imex Limited—companies in which Mr. Stonehouse is returned as a director and a major shareholder.