§ 50. Mr. George Cunninghamasked the Minister of Overseas Development if she will make a statement on the extent of the involvement of the Crown Agents in property speculation.
§ Mrs. HartThe Crown Agents have made investments and loans in connection with the development of property over a number of years. I hope to make a statement on the structure of the Crown Agents very shortly, which will also cover related matters.
§ Mr. CunninghamHas the Minister noticed that over the last year or so many companies engaged in property speculation in this country have gone broke or nearly broke? They have been in financial difficulties. Is she further aware that in many of those cases it has transpired that money, either on a loan basis or on an equity basis, or both, has flowed from the Crown Agents into those companies? Will she give an assurance that she will soon issue new guidelines to the Crown Agents about the kind of activities which they ought to avoid?
§ Mrs. HartYes, I can give my hon. Friend that assurance. I intend to make a statement before the recess, and when I do so it will include the type of guidelines which I would expect the Crown 1041 Agents to observe. It will also include mention of their property investments.