§ Sir Geoffrey Johnson SmithTo ask the Secretary of State for Foreign and Commonwealth Affairs what is the total money received in compensation from the Chinese 875W Government under the Foreign Compensation (People's Republic of China) Order 1987 in respect of losses incurred between 1949 and 1952; what is the total value of claims received; what is the total value of claims allowed; what is the total amount paid out to claims to date; what is the percentage settlement being used; what is the total amount spent on administration; how much interest was earned whilst Ernst and Young deliberated; and what is the current balance of the fund.
§ Mr. Lennox-BoydIn 1987, the Chinese Government agreed a settlement of £23,468,008 for all British claims arising before 1 January 1980 but had a counter-claim of their own. As a result, the net amount passed to the Foreign Compensation Commission was £21,873,660.35.
The total value of claims received was £152,355,040. The total value awarded by the commission was £40,375,214. The percentage settlement being used is 62.25 per cent. The total amount paid to date is £25,127,550.34.
To date, £3,323,506.97 has been spent on administration. Interest earned was £8,786,835.29 on which £2,198,277.30 has been paid in tax. The commission reports that there is currently £50,058 at the bank. The figure includes unclaimed payments.
It is not possible without considerable research to differentiate the claims for losses incurred between 1949 and 1952.