Sale Of County Hall Se1

EDM number 658 in 2004-05, proposed by Tony Banks on 03/02/2005.

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 ú50 million in October 1993 from a total purchase price of ú60 million with the ú10 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 ú7.8 million; draws attention to the fact that had an organisation or individual borrowed ú10 million at the end of 1993 and repaid neither capital nor interest, the outstanding sum in 2004 would be around ú20 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.

This motion has been signed by a total of 26 MPs.