HC Deb 02 June 1992 vol 208 cc494-5W
Mr. David Shaw

To ask the President of the Board of Trade if he will publish the minutes of the relevant meetings and other relevant correspondence of those persons in his Department who were involved in the granting of licences or approvals to deal in securities to any companies associated with the late Mr. Maxwell.

Mr. Neil Hamilton

No.

Mr. David Shaw

To ask the President of the Board of Trade (1) if he will list in respect of(a) Maxwell and East European Partners plc, formerly Bishopsgate International Investment Management plc, (b) Bishopsgate Investment Management Ltd. and (c) any other company associated with the late Mr. Maxwell to which his Department granted licences or approvals to deal in securities, the names of each director and any notified prospective director of each company at the date of the application, the date of approval, and the date the company ceased to hold the licence or approval;

(2) if he will list in respect of (a) Maxwell and East European Partners plc, formerly Bishopsgate International Investment Management plc, (b) Bishopsgate Investment Management Ltd. and (c) any other company associated with the late Mr. Maxwell to which his Department granted licences or approvals to deal in securities, (i) details of any securities trading which any of the companies notified the Department it has carried out prior to approval; and (ii) the date on which each company applied for, was granted and ceased to hold such licences or approvals.

Mr. Neil Hamilton

The Department granted a licence under the Prevention of Fraud (Investments) Act 1958 to London and Bishopsgate International Investment Management plc, LBI. LBI applied for a licence on 28 February 1988. A licence was granted on 25 April 1988. It came into effect on 26 April 1988 and lapsed on 29 April 1988 when the relevant parts of the Financial Services Act came into force. The directors were notified as Mr Andrew Smith, Mr Kevin Maxwell and Mr Larry Trachtenberg.

LBI did not notify the Department of any securities trading carried out before the licence was granted.

Mr. David Shaw

To ask the President of the Board of Trade what assessment of the previous references to Mr Maxwell in reports by inspectors acting on behalf of his Department was made when his Department granted licences to deal in securities to(a) Maxwell and East European Partners plc, (b) Bishopsgate Investment Management Ltd. and (c) any other company associated with the late Mr Maxwell which was authorised to deal in securities; and if he will make a statement.

Mr. Neil Hamilton

The Department carried out the usual checks in connection with the application for a licence from London & Bishopsgate International Management plc. Mr. Robert Maxwell was not a director of LBI when the licence was granted.

Mr. David Shaw

To ask the President of the Board of Trade if he will list in respect of (a) Maxwell and East European Partners, formerly Bishopsgate International Investment Management plc, (b) Bishopsgate Investment Management Ltd. and (c) any other company associated with the late Mr. Maxwell to which his Department granted licences or approvals to deal in securities the names of the shareholders and notified prospective shareholders at the date of the application, the date of approval and the date the company ceased to hold the licence for approval.

Mr. Neil Hamilton

Applications for licences under the Prevention of Fraud (Investments) Act 1958 did not require the disclosure of the names of shareholders.

Mr. David Shaw

To ask the President of the Board of Trade if he will initiate an enquiry into the extent of losses to the United Kingdom economy and private individuals over the last 20 years as a result of frauds and other criminal or loss inducing activities perpetrated by trusts, companies or individuals controlled from Liechtenstein or other tax havens.

Mr. Neil Hamilton

No.

Mr. David Shaw

To ask the President of the Board of Trade if he will place in the Library copies of the files regarding the application, authorisation and approval of (a) Maxwell and East European Partners (b) Bishopsgate Investment Management Ltd. and (c) any other company associated with the late Mr. Maxwell which obtained licences or approvals to deal in securities from his Department.

Mr. Neil Hamilton

No.