§ Mr. Foulkesasked the Secretary of State for Scotland what representations have been made to him by the Scottish Development Agency with regard to financial investment by it in Stonefield Vehicles.
§ Mr. Alexander FletcherLast year the Scottish Development Agency sought my right hon. Friend's agreement to increase its investment in Stonefield Vehicles. The Government made it clear that SDA funds should not alone provide the very substantial development and marketing support which had become necessary and that a private sector contribution should be sought.
§ Mr. Foulkesasked the Secretary of State for Scotland if he will list all directions given by him to the Scottish Development Agency regarding the sale of its investments in any company; and what directions he has made in connection with Stonefield Vehicles.
§ Mr. Alexander FletcherMy right hon. Friend has made no use of his formal powers of direction under section 4 of the Scottish Development Agency Act 1975.
§ Mr. Foulkesasked the Secretary of State for Scotland if he will now approve financial assistance being made available to Stonefield Vehicles from the Scottish Development Agency until such time as an offer is accepted for the sale or part of the Scottish Development Agency investment in Stonefield Vehicles.
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§ Mr. Alexander FletcherThe agency was given approval to invest further money in this company earlier this year to enable it to find a private partner capable of providing the development and marketing support now needed. Negotiations are at present in progress and I hope very much that they will prove successful.