§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry (1) whether he will make a statement on his Department's investigations into matters connected with the Pinnock Organisatoon;
(2) when his Department were first requested to investigate the affairs of the Pinnock organisation; what action was taken and with what results; when, and on how many occasions action was requested, and on what dates; and whether he will make a statement on why the law, as laid down by statute on his Department was not acted upon.
§ Mr. John DaviesNo formal application for an investigation can be traced in my Department. We became aware of a complaint by a depositor in April, 1967. As a result of inquiries by my Department and the dismissal by the court on 31st July, 1967, of a petition for the winding-up of Pinnock Finance (Great Britain) Ltd. my Department on 1st August, 1967, appointed inspectors to investigate the company's affairs. In September, 1967, the inspectors were similarly appointed with regard to associated companies. I do not accept the imputation in the last part of the second Question.
135W
§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry whether he will have an investigation made to ascertain to what extent the loss of £9 million to the general investing public by the Pinnock affair was due to a failure upon the part of his Department to act expeditiously in accordance with the obligations laid upon them by statute, when requested to do so by shareholders and others connected with the Pinnock organisation.
§ Mr. John DaviesNo. I do not accept that there has been any such failure on the part of my Department.