HC Deb 26 July 1976 vol 916 cc86-7W
Mr. Prescott

asked the Secretary of State for Industry how many vessels of the Maritime Fruit Carriers have been taken over by the Government; what were the grounds for this decision; and if he will make a statement.

Mr. Kaufman

The six operating ships, in respect of which shipbuilding loans had been guaranteed by my Department under Section 10 of the Industry Act 1972, were taken into possession by two mortgage banks with the consent of my right hon. Friend. We took this action under the terms of the agreement with the six ship-owning companies of Maritime Fruit Carriers and did so in order to protect the Department's security for the loans by trying to ensure that the vessels would continue to operate.