HC Deb 27 March 1975 vol 889 cc247-8W
Mr. Robert Taylor

asked the Secretary of State for Trade what guarantee was given by an executive director of Nation Life to its board in respect of a guaranteed repurchase of the overvalued Bournemouth property and on behalf of which company this guarantee was given.

Mr. Clinton Davis:

My present information is that there was no such guarantee by an executive director of Nation Life Insurance Co. Ltd. It is my understanding that Nation Life originally purchased properties in Bournemouth from vendors not connected with the Stern group of companies and that Mr. Stern subsequently arranged for Metropolitan Property Holdings Ltd., a company part of the group which he controlled, to enter into a contract to purchase these proper- ties in 1976 if they had not previously been sold.