HC Deb 16 June 1942 vol 380 cc1356-7
3. Mr. Bellenger

asked the President of the Board of Trade whether he has now completed his consideration of Sir William McLintock's eight reports on the latter's investigations, under the Companies Act, into the circumstances in which investors have wholly lost approximately £3,000,000 which they were publicly invited to subscribe in the eight West Australian gold-mining companies known as the de Bernales Group; whether he has been advised that the promoters and directors have infringed the provisions of the Companies Act, the Larceny Act, the Forgery Act and the Common Law; and whether he proposes to take any further action?

Mr. Dalton

Sir William McLintock's reports have been fully considered. Civil proceedings have been instituted by certain shareholders against the companies, the directors and other persons, and I am watching very closely the progress of those proceedings.

Mr. Bellenger

Is not my right hon. Friend aware that these civil proceedings have been taken by shareholders who can afford to take them, and that there are many other shareholders who are not able to take these proceedings? In view of the strong indictment in the Sir William McLintock reports, will the Board of Trade, in the public interest, take some action?

Mr. Dalton

I think we had better wait and see the result of the present proceedings. We are watching the matter very closely, and it may be that the present proceedings will reveal further evidence.

Mr. Bellenger

But if these civil proceedings do not end—I do not know whether they will or not—will my right hon. Friend take some action under criminal proceedings?

Mr. Dalton

That is a hypothetical question. We are watching the proceedings very closely.