§ Mr. Michael McNair-Wilson
asked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on the progress of the Crown Agents holding and realisation board in the realisation of its assets and the discharge of its liabilities.
§ Mr. Neil Marten
The Government have authorised the Crown Agents holding and realisation board, following a world-wide marketing exercise, to conclude negotiations for the sale of the remainder of its property investments in Australia which represent by far the greatest part of the board's assets and liabilities. The board has concluded a contract for sale with the Australian Mutual Provident Society. The precise outcome is subject to a number of factors, but the board expects a small net return which would become available for payment to Government after the discharge of all the associated liabilities. The non-Australian assets of CAHRB mostly relate to property and secondary banking and are almost all in the hands of liquidators and receivers. Little further net return from these assets is expected, but CAHRB is of the view that net assets realised are likely to exceed net liabilities and running costs and that no call on Government funds will be required in respect of the non-Australian affairs.