The Serious Fraud Office has ruled out a criminal investigation against the four MG Rover executives, dubbed the Phoenix Four, who bought the company for a nominal fee of £10 from BMW in 2000. However, the report on the demise of MG Rover is expected to be published on September 11.

The report made by independent inspectors is four years in the making and cost £16 million of taxpayer’s money. The report will raise questions over the right of the Phoenix Four to be company directors. Criticism against the government had been raised accusing it of delaying the report after claims that it will show how it spent £6 million trying to prop up the company to protect marginal constituencies around Birmingham in the run-up to the 2005 election. The controversy broke out after members of the Phoenix Four — John Towers, Nick Stephenson, Peter Beale and John Edwards — were revealed to have taken out an estimated £40 million in pay and pensions in the five years they controlled the firm.

[via autocar]

Tags: car news, mg, mg executives sfo, mg serious fraud office, mg sfo

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