§ Mr. Warrenasked the Secretary of State for Trade and Industry what investigations have been conducted into multiple applications for shares during the public sale of nationalised industries; and if he will make a statement.
§ Mr. Norman LamontI have been asked to reply.
Investigations into suspected multiple applications are made by the receiving banks appointed to process applications in Government share sales and, in certain large sales, by specially appointed firms of auditors. Where appropriate, suspected cases are referred by the Department responsible for the sale to the office of the Director of Public Prosecutions.
There have been 10 successful prosecutions for multiple applications regarding the British Telecom sale. As far as the British Gas sale is concerned, Touche Ross have submitted an interim report on suspected multiple applications to the Department of Energy; investigations also involving the DPP and the Fraud Squad are continuing.