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Tuesday, 8 November 1977
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Mr Hurford asked the Treasurer, upon notice, on 4 October 1977:

(   1) Has his attention been drawn to a report, in the Australian Financial Review of 24 August 1 977 to the effect that the American Express International Banking Corporation had withdrawn a proposal it had submitted to the Government to take over Security Dealers Pry Ltd following a request that it do so. If so, is there any substance in the report.

(2   ) If a rquest was made to American Express, who made it.

(3)   Is the Government now asking fur the withdrawal of non-acceptable foreign investment proposals rather than formally rejecting them.

Mr Lynch - The answer to the honourable member's question is as follows:

(   1 ) and (2) An Interim Order in respect of the proposal by American Express International Banking Corporation to take over Security Dealers Pry Ltd was published on 1 9 May 1977 in accordance with the provisions of the Foreign Takeovers Act following consideration of the proposal by the Foreign Investment Review Board and the Government. Particulars beyond those set out in the Order concerning the proposal are confidential.

(3)   No. However, I might add that it is always open to the parties to a foreign investment proposal to inform the Government, prior to completion of the full process of foreign investment screening, that they wish to withdraw the proposal.

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