§ Mr. Michael McNair-Wilsonasked the Secretary of State for Trade and Industry if he will make a statement about the Overseas Marketing Corporation Limited.
§ Mr. Anthony GrantI have had under careful review the position of the Overseas Marketing Corporation Ltd. which was set up in November, 1967, under an arrangement entered into by the previous Administration guaranteeing the 187W equity capital and providing a loan facility. In light of the trading position apparent in October last we indicated to the Overseas Marketing Corporation that the Government did not wish this trading experiment to continue if this meant the further injection of public funds and we agreed with the Board's own assessment that the Corporation should not incur further liabilities and should dispose of those parts of the venture which had a viable future. I have been informed by the Overseas Marketing Corporation that this decision was implemented on 31st December, 1970. It is clear that there will be a substantial loss of public funds within the commitment of £500,000 but at this stage it is not possible to determine the exact amount as the disposal of assets and the arrangements for continuation of viable business are not completed.