HC Deb 26 November 1958 vol 596 c37W
10. Mr. Langford-Holt

asked the Secretary of State for Foreign Affairs whether he is aware that British shareholders in the National Bank of Egypt have been informed by the Bank that their shares have been sold to the Egyptian Economic Organisation without the shareholders' consent; and, in view of the fact that British shareholders have not been informed at what price the shares were sold, on what basis the price was arrived at nor what has happened to the funds resulting from the sale, what steps he has taken to protect the interests of these British investors.

Mr. Ormsby-Gore

Yes. The information received by the British shareholders was in the form of a circular from the National Bank of Egypt dated 16th September this year stating that the Custodian of British property had sold the shares to the Egyptian Economic Organisation. The Protecting Power ascertained from the Custodian that the shares were in fact sold in April, 1957, at the time when many other properties were "Egyptianised". The Protecting Power has been requested to reserve the right to claim compensation on behalf of the owners. One of the principal obectives of our Delegation in the Anglo-Egyptian financial negotiations has been to secure provision for compensation for all property taken over by the Egyptians.