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Slater Walker Companies

Volume 938: debated on Monday 7 November 1977

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asked the Secretary of State for Trade what inquiries are in progress into the affairs of the Slater Walker companies.

Is my hon. Friend aware that the Bank of England has already spent many millions of pounds in helping Slater Walker put of the quagmire in which it has become involved? How many more millions of pounds will be given, either by the Bank of England or the Treasury, to help Slater Walker?

My hon. Friend's Question asks whether inquiries into the affairs of the companies are in progress. I do not think that his supplementary question was addressed to that matter, but consierable inquiries have already been undertaken by the accountants instructed by the company under Section 109 of the Companies Act 1967, by the Singapore Stock Exchange and by an inspector appointed by the Singapore Government. At present, there is no further requirement under the duties that are imposed upon my right hon. Friend which would justify a further inquiry.

When does my hon. Friend expect the report of the inquiry which has been instituted by the Department to be made available?

The inquiries were undertaken under Section 109 of the Companies Act 1967. No report will issue therefrom.