SALE OF COUNTY HALL SE1

Early day motion 658, tabled 3 February 2005 by Lord Stratford (Labour). Signed by 26 members.

That this House condemns the deal struck between the London Borough of Bromley and the Shirayama Corporation for final settlement of the sale of County Hall; points out that Shirayama paid the London Residuary Body £50 million in October 1993 from a total purchase price of £60 million with the £10 million balance being paid without interest, in annual instalments on the basis of a share of the profits from the hotel; notes that no payments were made by Shirayama from October 1993 and that Bromley has now accepted a final payment of £7.8 million; draws attention to the fact that had an organisation or individual borrowed £10 million at the end of 1993 and repaid neither capital nor interest, the outstanding sum in 2004 would be around £20 million and demands that the National Audit Office examines this transaction which appears to be a scandalous sell-out of Londoners' interests to a cowboy corporation from Japan.

Signatures by party: Labour 23, Liberal Democrat 2, Labour/Co-operative 1.