§ 27. Mr. Skinnerasked the Secretary of State for Trade if he has received the report of the investigation into the affairs of London and Counties Securities Ltd. ; and if he will make a statement.
§ Mr. ShoreI have not received the report of the inspectors appointed under Section 165 of the Companies Act 1948 to investigate the affairs of London and County Securities Group Ltd. I am not at present in a position to make a statement.
§ Mr. SkinnerWill my right hon. Friend ensure that the Department's inspectors do an absolutely thorough job on the affairs of the company, especially in the period after 31st August 1973, when one of the company's auditors resigned mysteriously, and during the period when the Leader of the Liberal Party, as one of the co-directors, was touting for investors' money by opening banks in supermarkets and offering high rates of interest to pensioners who were gullible enough to assume that because the Leader of the Liberal Party was opening the banks the company had a lot of credibility when in fact it was in the financial gutter?
§ Mr. ShoreI am sure that the report of the study by the inspectors will be a thorough one. The accounting inspector —who, I am told, has 24 members on his staff—is carrying out a wide-ranging inquiry. This is a complex matter and no fewer than 20 subsidiary companies are involved.