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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
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Jun 1, 2005
Words:208
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