§ Mrs. Gillian Shephard
To ask the Secretary of State for Foreign and Commonwealth Affairs what progress is being made in implementing the Foreign Compensation (People's Republic of China) Order 1987.
§ Mr. Eggar
Very good progress is being made. 2,032 claims in respect of bonds and 989 claims in respect of property had been received by the Foreign Compensation Commission (which is being assisted with regard to the administrative aspects of the work by the private accountants Ernst and Whinney) by the two deadlines of 30 June and 31 August 1988 laid down in the 1987 order. Of these, 1,488 claims in respect of bonds and seven in respect of property had been determined by the commission by 13 January.
Adjudication of property claims takes time. The issues raised by many claims are complex. It is hoped, however, that the final distribution from the China fund cart be made by late 1990.
In the meantime, my right hon. and learned Friend the Secretary of State has directed that an interim payment of 5 per cent. of the value assigned to a bond should be paid to successful claimants in respect of bonds as from the end of January.