HC Deb 30 March 1955 vol 539 cc366-7
40. Mr. Braine

asked the Secretary of State for Foreign Affairs whether he can now say what action has been taken to obtain redress for the British shareholders of the Egyptian Delta Light Railways Limited, the assets of which have been seized by the Egyptian Government and put up to auction.

The Joint Under-Secretary of State for Foreign Affairs (Lord John Hope)

The situation has not materially altered since my right hon. Friend's reply was given on 31st January. The law suits filed by the debenture holders are still sub judice.In February, the debenture holders served a new summons on the Government and on the company to prevent the Government from putting the concession to adjudication on the same conditions as those which applied to the company, and which have been shown to be impossible of fulfilment.

Mr. Braine

Can my hon. Friend confirm that in the event of there being no bidders at this enforced sale the assets of this British-owned company will revert to the Egyptian Government without compensation? If that is so, will very strong representations be made?

Lord John Hope

There is no reason to suppose that there will not be compensation.