§ 2.48 p.m.
§ Lord Morris asked Her Majesty's Government: Whether they will publish the 1986 Department of Trade and Industry report relating to share dealing in Consolidated Gold Fields plc.
§ The Secretary of State for Trade and Industry (Lord Young of Graffham)My Lords, as I said in your Lordships' House on 24th January of this year, it is my intention to publish this report as soon as possible, but it would not be appropriate to do so until the issues raised by it have been fully considered.
Lord MorrisMy Lords, has the Secretary of State yet exercised his power by virtue of Section 180 of the Financial Services Act 1986 to bring these matters to the attention of the appropriate regulatory authorities in order to assist the discharge of their functions?
§ Lord Young of GraffhamMy Lords, these are matters being considered by my department. There are matters which might possibly affect prosecution; they are being investigated at the present time.
§ Lord Williams of ElvelMy Lords, was this report released to the Monopolies and Mergers Commission when that body studied the Minorco-ConsGold merger?
§ Lord Young of GraffhamYes, my Lords. A copy was sent to that body during the consideration of the bid, as was a copy of an interim report which I asked the current inspectors to produce for the Monopolies and Mergers Commission's consideration. I should confirm to your Lordships' House that the 1986 report does not criticise Minorco in any way.
§ Lord Williams of ElvelMy Lords, if that is the case, why did the Monopolies and Mergers Commission state in its report, in a footnote referring to the 1986 report, that the latter report
has only recently been completed, and has not been published. We understand that it does not contain any information or conclusions directly relevant to our inquiry".1478 Those are not the words of a commission which has received a copy of the report.
§ Lord Young of GraffhamMy Lords, the noble Lord, Lord Williams of Elvel, will readily concede that the wording is that of the MMC; it is not mine. I understand that the 1986 report was seen by Monopolies and Mergers Commission officials who concluded that it had no relevance to their current enquiries. They reported that fact orally to members of the commission. That was a decision for them. That is what happened.
§ Lord Boyd-CarpenterMy Lords, can my noble friend give any indication as to the likely timescale for publication?
§ Lord Young of GraffhamNo, my Lords. That is a matter for those who consider whether prosecution would be appropriate in this case.