§ 2. Mr. Rostasked the Secretary of State for Foreign and Commonwealth Affairs what representations have been made by Her Majesty's Government to the Government of Argentina to ensure that British interests in companies whose assets have been taken over by the Argentine Government are fairly compensated; and what replies have been received.
§ The Under-Secretary of State for Foreign and Commonwealth Affairs (Mr. Anthony Kershaw)The attention of the Argentine authorities has been drawn on a number of occasions since 1970 to the interests of British debenture holders in Buenos Aires Lacroze Tramways, an Argentine company claiming compensation for the nationalisation of its assets. Her Majesty's Embassy was given an oral undertaking in 1971 that the case would be looked into.
§ Mr. RostDoes not my hon. Friend agree that the Argentine Government's refusal to negotiate a fair settlement in the Buenos Aires Lacroze Tramway case, where the assets of British investors have been expropriated without any compensation, is a disgrace and is causing harm to the Argentine Government's creditworthiness and good will? Will my hon. Friend make further representations?
§ Mr. KershawMy hon. Friend will realise that the Lacroze Tramways is an Argentine company, although the debenture holders are British, and therefore it is difficult to make representation in international law. He will also bear in mind that there is a case before the Argentine courts at present which has yet to be decided.