HC Deb 27 June 1967 vol 749 cc236-7
7. Mr. Brewis

asked the Secretary of State for Commonwealth Affairs what compensation has been received from Tanzania for the nationalisation of British banks.

Mr. George Thomas

None, as yet. The claims for compensation submitted by the three British commercial banks are being considered by the Tanzanian authorities.

Mr. Brewis

Has the hon. Gentleman seen a 7ecent statement by the Finance Minister of Tanzania to the effect that Tanzania will not pay any compensation at all? What is he doing to stand up for the interests of British companies there?

Mr. Thomas

I am pleased to say that the Tanzanian Finance Minister has denied flat statement. He has said: There is no truth in this. We are ready to discuss and settle claims for compensation submitted by the British banks.

Mr. Biggs-Davison

Is it not almost impossible for Tanzania to pay adequate compensation? While one sympathises with some of the sentiments in the Arusha Declaration, cannot Her Majesty's Government get together with the Tanzanian Government to see whether private enterprise can continue to help that country?

Mr. Thomas

The Tanzanian authorities have assured us that full and fair compensation will be paid—

Mr. Biggs-Davison

Out of what money?

Mr. Thomas

The hon. Gentleman must wait for the Tanzanian Government to keep their word, as they will.

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