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31/05/2005
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).
The investigators will also examine the affairs of Phoenix Venture Holdings, which purchased MG Rover from German car manufacturer BMW in 2000 for a nominal £10 fee.
MG Rover went into administration on April 8, with the loss of over 5,000 jobs. The company had debts of more than £1.4 billion. The firm also reportedly has a shortfall of around £415 million in its pension scheme.
Commenting on the appointment of the inspectors, Mr Johnson said: “The appointment of administrators (to MG Rover) on April 8 was a huge blow to the employees of the company, to their families, to MG Rover’s suppliers and the local community. People want to know what happened.
“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.”
It is understood that many of MG Rover's creditors stand to receive only 1% of sums owing following the collapse of the car manufacturer.
(KMcA/SP)
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).
The investigators will also examine the affairs of Phoenix Venture Holdings, which purchased MG Rover from German car manufacturer BMW in 2000 for a nominal £10 fee.
MG Rover went into administration on April 8, with the loss of over 5,000 jobs. The company had debts of more than £1.4 billion. The firm also reportedly has a shortfall of around £415 million in its pension scheme.
Commenting on the appointment of the inspectors, Mr Johnson said: “The appointment of administrators (to MG Rover) on April 8 was a huge blow to the employees of the company, to their families, to MG Rover’s suppliers and the local community. People want to know what happened.
“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.”
It is understood that many of MG Rover's creditors stand to receive only 1% of sums owing following the collapse of the car manufacturer.
(KMcA/SP)
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