§ Mr. Gryllsasked the Secretary of State for Industry on what conditions Mr. Jack Melchor will have options to buy out the shareholdings held by the National Enterprise Board; what is the basis of the calculation of the fees Mr. Melchor's company will receive from the National Enterprise Board; and whether he approved of these arrangements.
§ Mr. Michael MarshallMy right hon. Friend recently gave statutory consent for the NEB to establish a £2 million venture fund company—Anglo-American venture fund—to be managed by a company—Anglo-American Venture Management—jointly owned with Mr. J. L Melchor. Details of the NEB's commercial arrangements with Mr. Melchor are a matter for the board.