§ Mr. MullinTo ask the Secretary of State for Foreign and Commonwealth Affairs what steps his Department has taken following the Fay report to recover money lost by the Crown Agents as a result of their association with companies controlled by the Barclay brothers; and if he will make a statement. [38372]
§ Mr. HanleyAs noted in annexe IV to the statement by the Government on the report of the Fay committee of inquiry on the Crown Agents on 1 December 1977, House of Commons paper 49 of Session 1977–78, the Crown Agents, acting in accordance with a general directive from the then Minister of Overseas Development and on advice from professional advisers, sold the relevant debts for £3 million.
§ Mr. MullinTo ask the Secretary of State for Foreign and Commonwealth Affairs what losses were made at(a) actual and (b) 1995 prices by the Crown Agents as a result of their investments with Barclay Hotels. [38373]
§ Mr. HanleyAs set out in annexe IV to the statement by the Government on the report of the Fay committee of inquiry on 1 December 1977, House of Commons paper 49 of Session 1977–78, the Crown Agents realised a loss on disposal of their interest in 1976 of £6.5 million—in 1995 prices, £24.7 million.