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Scott Lithgow Ltd

Volume 81: debated on Monday 17 June 1985

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asked the Secretary of State for Trade and Industry if he will make a statement about the completion accounts relating to the sale of Scott Lithgow Ltd. to Trafalgar House plc in March 1984.

The auditors respectively of British Shipbuilders and Trafalgar House have been unable to reach agreement on these accounts. Under the terms of the sale, therefore, the issues in dispute will be referred to an independent expert for determination. Meanwhile, British Shipbuilders has agreed to make a payment in respect of issues not in dispute, principally the cost of completing an oil rig for BP, which was partly completed at the time of sale. Pending Parliamentary approval of the necessary supplementary estimate, this payment will be funded through a repayable advance from the Contingencies Fund.