HC Deb 28 February 1997 vol 291 cc418-9W
Mrs. Dunwoody

To ask the Secretary of State for Transport for what reasons a clawback clause was not included in the contractual agreements used for the sale of the rolling stock leasing companies. [18158]

Mr. Watts

A proceeds clawback mechanism was rejected because it would almost certainly have led potential purchasers—most particularly venture capitalists who offered the best bids for two of the three companies— either to withdraw altogether or at least to reduce their bids significantly.

Additionally, such a clawback mechanism would have been complex, difficult to police and would have run counter to the policy of establishing a clean break.