HC Deb 13 June 1991 vol 192 c651W
Mr. Morgan

To ask the Secretary of State for Energy whether, pursuant to his answer of 10 June on multiple share applications, all stockbrokers involved in the privatisation of the electricity supply industry have now supplied Touche Ross with a full list of names corresponding to their nominee accounts.

Mr. Heathcoat-Amory

Under the terms of the regional electricity companies' offers, stockbrokers were required to supply information on the underlying beneficiaries of applications made by those firms either on bulk manager application forms or on individual forms; failing this, the applications would have been rejected. Touche Ross has had access to this information in connection with its audit activities.

Mr. Morgan

To ask the Secretary of State for Energy, pursuant to his answers of 6 June,Official Report, column 267 and of 10 June, to the hon. Member for Cardiff, West on representations from stockbrokers involved in electricity privatisation, what proportion of the fees and commisssions owing to the five stockbrokers referred to have so far been paid.

Mr. Heathcoat-Amory

The payments already made, in respect of the admissible claims of these and other eligible brokers, are the amounts which the calculation and audit of their claims has shown with sufficient certainty to be due to them. In many cases a balancing payment may become due and my Department expects to make such payments shortly. A small number of brokers have not received any payments pending the clarification of queries arising from their claims or the audit process.

Mr. Morgan

To ask the Secretary of State for Energy, pursuant to his answers of 6 June,Official Report, column 267 and of 10 June to the hon. Member for Cardiff, West on representations from stockbrokers involved in electricity privatisation, what arrangements he has made to meet the principals of the stockbroking firms concerned, together with Touche Ross.

Mr. Heathcoat-Amory

The Secretary of State has no plans to meet the principals of any of the stockbroking firms concerned. I expect Touche Ross, together with officials from my Department, to be able to resolve all outstanding issues.