§ 17. Mr. Meacherasked the Secretary of State for Trade and Industry if he will reconsider the terms of reference of the inquiry into Lonrho and extend them.
§ Sir G. HoweThe inspectors' terms of reference are determined only by the statutory powers under which they are appointed. No limit has been placed upon the scope of their inquiries.
§ Mr. MeacherWill this inquiry publicly disclose in full the complex manoeuvres by which Lonhro or certain directors of it tried to corner for themselves the vast profits arising from a major Rhodesian copper strike at the Inyati mine, first by transferring ownership to a shell company in South Africa, secondly by trying to buy out cheaply minority shareholders by concealing the true size of the windfall gain, and thirdly by transfer pricing between subsidiaries abroad? How will the Companies Bill stop this kind of greedy expropriation by unscrupulous multi-nationals?
§ Sir G. HoweIn his supplementary question the hon. Member has used seven or eight intemperate nouns or epithets by way of launching into the allegations he has made. I have already written to him 1190 answering his detailed letter telling him that all the matters to which he has referred will be looked at by the inspectors, and inviting him, if he is in possession of as much information as he appears to be, to proffer documents to the inspectors who will be glad to hear from him.