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06/07/2009
SFO 'To Probe Rover MG Collapse'
The Serious Fraud Office (SFO) is to investigate the circumstances surrounding the collapse of car manufacturer MG Rover, it has been announced.
Business Secretary Lord Mandelson confirmed the move, saying in a statement the SFO must see if there are "grounds for prosecution".
The SFO's involvement follows a four-year investigation into the carmakers demise in 2005.
Six thousand jobs were lost as Birmingham-based MG Rover collapsed.
The four executives in control of the manufacturer at the time said there was "no suggestion of improper conduct", and said the probe was "ridiculous".
Lord Mandelson today said: "There has been a comprehensive and thorough investigation into the events which led to the company failing, workers losing their jobs and creditors not getting paid.
"The SFO must now see if there are grounds for prosecution."
A spokesman for the MG Rover directors said: "The directors have at all times willingly accounted for their actions, which kept MG Rover alive for five years."
The Inspectors investigated the affairs of MGRG, its parent company Phoenix Venture Holdings (PVH) and MGR Capital Limited and 32 related companies between the purchase of MGRG from BMW in May 2000 and the date of it entering administration.
The Inspectors delivered their report on 11 June 2009. Following legal advice the Rover Report will not be published at this time in order to ensure any potential prosecution is not prejudiced.
The position will be reviewed following the outcome of the SFO’s considerations.
(JM/BMcC)
Business Secretary Lord Mandelson confirmed the move, saying in a statement the SFO must see if there are "grounds for prosecution".
The SFO's involvement follows a four-year investigation into the carmakers demise in 2005.
Six thousand jobs were lost as Birmingham-based MG Rover collapsed.
The four executives in control of the manufacturer at the time said there was "no suggestion of improper conduct", and said the probe was "ridiculous".
Lord Mandelson today said: "There has been a comprehensive and thorough investigation into the events which led to the company failing, workers losing their jobs and creditors not getting paid.
"The SFO must now see if there are grounds for prosecution."
A spokesman for the MG Rover directors said: "The directors have at all times willingly accounted for their actions, which kept MG Rover alive for five years."
The Inspectors investigated the affairs of MGRG, its parent company Phoenix Venture Holdings (PVH) and MGR Capital Limited and 32 related companies between the purchase of MGRG from BMW in May 2000 and the date of it entering administration.
The Inspectors delivered their report on 11 June 2009. Following legal advice the Rover Report will not be published at this time in order to ensure any potential prosecution is not prejudiced.
The position will be reviewed following the outcome of the SFO’s considerations.
(JM/BMcC)
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Government Seeks To Bar Directors Following MG Rover Collapse
Evidence is being compiled to bring proceedings against the MG Rover Group (MGRG) directors to prevent them running other companies in the future, Business Secretary Lord Mandelson has announced. The announcement was made today as the government published the results of an independent investigation into the collapse of MGRG.
Government Seeks To Bar Directors Following MG Rover Collapse
Evidence is being compiled to bring proceedings against the MG Rover Group (MGRG) directors to prevent them running other companies in the future, Business Secretary Lord Mandelson has announced. The announcement was made today as the government published the results of an independent investigation into the collapse of MGRG.
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11 July 2005
James drops plans to buy MG Rover
Businessman David James has dropped his plans to buy collapsed car manufacturer MG Rover. Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
James drops plans to buy MG Rover
Businessman David James has dropped his plans to buy collapsed car manufacturer MG Rover. Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
31 May 2005
DTI inspectors to look at MG Rover accounts
The Department of Trade and Industry has appointed inspectors to investigate the affairs of collapsed car firm MG Rover. Trade and Industry Secretary Alan Johnson announced that a QC and senior accountant had been appointed to lead the investigation, following a report into MG Rover’s accounts by the Financial Reporting Review Panel (FRRP).
DTI inspectors to look at MG Rover accounts
The Department of Trade and Industry has appointed inspectors to investigate the affairs of collapsed car firm MG Rover. Trade and Industry Secretary Alan Johnson announced that a QC and senior accountant had been appointed to lead the investigation, following a report into MG Rover’s accounts by the Financial Reporting Review Panel (FRRP).
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