HC Deb 16 November 1955 vol 546 c38W
91. Captain Kerby

asked the Secretary of State for the Colonies why he approved the pact, announced in September of this year, under which the Chester Beatty Mining Interests, in compensation for giving up certain rights should, whilst retaining all that is important to the welfare of their business interests in the Colony, be paid £1,570,000 by the Colony of Sierra Leone; whether the Sierra Leone Legislature has yet ratified this pact; and if he will make a statement.

Mr. Lennox-Boyd

I approved this agreement on the basis of highly qualified and expert advice that £1,570,000 was in all the circumstances fair and reasonable compensation for the extensive and valuable rights surrendered by the company. The agreement has been approved in principal by the Sierra Leone Legislative Council but the legal documents giving effect to it have yet to be signed and ratified.