Rover MG bosses escape criminal probe
- 00:01:19
- ITN
Rover MG bosses escape criminal probe
The Serious Fraud Office will not begin a criminal investigation into the collapse of car maker MG Rover. The decision not to pursue a criminal investigation paves the way for the publication of a four-year independent report into the collapse. The SFO said it reached its decision after a team of investigators looked into the inspectors' report. A spokesman said: "The Serious Fraud Office has announced that it does not intend to begin a criminal investigation into the sale of car manufacturer MG Rover Group, following a review of documents sent by the Department of Business, Innovation and Skills. Rover collapsed with debts of £1.4 billion in April 2005, leaving about 5,000 employees out of work. The company had been taken over by a group known as the Phoenix four, led by John Towers, who bought it from BMW for £10 in 2000. At the time the Government supported the four investors, but it later emerged that the directors were awarding themselves huge bonuses and pensions while sales were falling over the four years they controlled the company.
ITN | August 11, 2009
