Un Rendez-vous

2009/09/10

English sense of “fair play”

Filed under: Uncategorized — Tags: , , — simonlecoeur @ 21:15

Rover executives ‘extracted £42m’

MG Rover collapsed with debts of £1bn
A report into the collapse of carmaker Rover will reveal that five executives took £42m in pay and pensions from the troubled firm, the BBC has learned.
The report by independent inspectors outlines how the five enriched themselves while the company was heading for insolvency.

It does not, however, accuse them of breaking the law.

The long-awaited report into the 2005 collapse of MG Rover will be released on Friday.

The independent probe has taken more than four years to complete and has cost the taxpayer about £16m.

‘Flabbergasted’
The Serious Fraud Office (SFO) has said it does not intend to launch a criminal investigation into the collapse, which saw about 6,500 people lose their jobs.
The four executives in control of MG Rover, the so-called Phoenix Four, have always denied any wrongdoing.

Former MG Rover chairman John Towers, ex-vice chairman Nick Stephenson, Peter Beale and John Edwards came in for criticism after the firm’s collapse when it was revealed that they had taken an estimated £40m in pay and pensions from the company.

Rover executives ‘extracted £42m’ (BBC)

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