HC Deb 21 June 1989 vol 155 c181W
91. Mr. Michael

To ask the Chancellor of the Duchy of Lancaster what progress he is able to report towards achieving a satisfactory outcome for investors in Barlow Clowes in respect of(a) the United Kingdom-based and (b) the Gibraltar-based operation; what fresh initiatives he intends to take to speed up settlements; and if he will make a statement.

Mr. Maude

Following judgment given on 16 June in respect of the May court hearings, I understand that it has been determined that Barlow Clowes International investors are entitled to recover from Barlow Clowes Gilt Managers (the United Kingdom operation) BCGM assets representing gilts of £16.2 million to the extent that such assets can still be identified in BCGM's hands. Further judgment gives certain BCI investors, who invested after 29 February 1988, the entitlement to recover the relevant part of their investment (after expenses). I understand that the joint receivers are returning to court on 28 June to determine the basis upon which each individual BCI investor's entitlement to any distribution will be calculated.

Although the judgments do not affect those BCGM investors whose funds were placed with Lloyds Bank plc, the outstanding issue of quantification of BCGM investors' claims will be dealt with when counsel for all other categories are present. The joint liquidators have informed me that they will return to court as soon as possible to obtain direction on the outstanding issues.