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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 Following legal advice the Rover Report will not be published at this time in order to ensure any potential prosecution is not prejudiced.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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