HC Deb 19 May 1966 vol 728 cc1522-3
6. Mr. Whitaker

asked the President of the Board of Trade whether he will set up an inquiry under Section 165 of the Companies Act to investigate the fraudulent conduct arising from the operation of the Garda Trust.

The Minister of State, Board of Trade (Mr. Roy Mason)

No, Sir. The facts in this case are sufficiently known and the scheme has, I understand, been terminated.

Mr. Whitaker

In view of the fact that solicitors who engage in similar practices are disciplined and expelled from their profession, can my hon. Friend explain why this matter does not fall within Section 20 of the Larceny Act? What steps will he take to see that no other directors are enriching themselves at the expense of the shareholders in their companies without consulting those shareholders?

Mr. Mason

As the House has been informed, my right hon. Friend is considering what provision may be included in the Companies Bill about schemes of this kind.