Printer Friendly

Inspectors to scrutinise collapse of MG Rover.

THE Government has appointed inspectors to investigate the affairs of collapsed carmaker MG Rover and its owners, Phoenix Venture Holdings.

Trade and Industry Secretary Alan Johnson said the demise of the Birmingham-based firm had been a 'huge blow' to workers and their families, as well as firms which used to supply the huge Longbridge factory.

'People want to know what happened,' said the minister.

He appointed a barrister and a senior accountant to examine issues raised by the Financial Reporting Council, which said last week that an inquiry it held into the accounts of the Rover Group had raised a 'number of questions'. Mr Johnson said the report by the council (FRRP) had raised a number of questions.

'The public interest requires that the issues raised by the FRRP and developments after 2003 when the last accounts were published be investigated by independent investigators.

'I have asked them to report to me as quickly as possible and in a form which will enable the report to be made public. The FRRP have not published their report and given my decision to appoint independent inspectors I will not be releasing it.'

The inspectors are Guy Newey QC of Maitland Chambers, Lincolns Inn, and Gervase MacGregor, of BDO Stoy Hayward
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Jun 1, 2005
Previous Article:Halewood getting back into top gear; Full production of Jaguar X-Type to resume this month.
Next Article:Perfume chain's sweet smell of success.

Related Articles
Government inspectors to probe collapse of MG.
Plans for a fresh MG Rover probe; INQUIRY: Commons to get tough if MPs don't get 'satisfactory' answers.
Criminal probe into MG Rover dropped.
SFO rules out Rover probe.
Criminal probe into MG Rover dropped.
Criminal probe into MG Rover dropped.
Criminal probe into MG Rover dropped.
Criminal probe into MG Rover dropped.
Criminal probe into MG Rover dropped.
Financial rewards too great; INDUSTRY: Damning report on Phoenix Four.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters