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Exchange Controls

Volume 979: debated on Thursday 28 February 1980

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asked the Chancellor of the Exchequer, in the light of the recent secret buying up of Consolidated Gold Fields shares, if he will take steps, following the removal of United Kingdom exchange controls, to reintroduce the requirement of official approval for foreign purchasers of more than 10 per cent. of a United Kingdom company's equity.

My right hon. Friend the Secretary of State for Trade has appointed inspectors to investigate the recent large scale hidden purchases of Consolidated Gold Fields shares, in accordance with section 172 of the Companies Act 1948. I understand that the Stock Exchange and the Council for the Securities Industry are also conducting inquiries. The Government will consider what action to take, if any, in the light of these inquiries.