Soma Oil & Gas: SFO Investigation

Lord Watson of Invergowrie Excerpts

Monday 14th September 2015 Lords Chamber

[Baroness Anelay of St Johns]

My Lords, it is not for me to comment on what others have said. The Government will await the outcome of an investigation before commenting.

[Lord Watson of Invergowrie (Lab)]

My Lords, following his recent visit to the Cayman Islands, Grant Shapps, the Minister of State at the Foreign and Commonwealth Office, suggested that the Government may be weakening their position on corporate transparency in the overseas territories. Can the noble Baroness state that the Government will firmly encourage the overseas territories to ensure that central registers of beneficial ownership are produced for the companies based in those territories?

[Baroness Anelay of St Johns]

My Lords, I am not exactly an aficionado of cricket but even I can recognise a wide. In the spirit of co-operation, I will say that what we are doing with regard to Somalia, which is not an overseas territory, is to encourage responsible investment. We are strongly urging the Somali Government to ensure that any resulting investment and benefit from it is shared by the whole country. The benefit is clearly needed to reduce poverty there.