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Rover report is a whitewash

Regarding the long-awaited report on the demise of MG Rover, I have to say that it’s a disappointing document in that it found no-one culpable.

Regarding the long-awaited report on the demise of MG Rover, I have to say that it’s a disappointing document in that it found no-one culpable.

Ex-Rover workers will surely be shaking their heads in disbelief that the so-called Phoenix 4, who received £9m each for their £10 stake and stripped out £42m of assets, cannot be prosecuted.

But to add insult to injury, the Phoenix 4 have not even had the humility to apologise to their ex-workers.

Instead they have accused the government of shifting the blame onto them for not coming up with the £100m loan which would, apparently, have saved the company.

Whether this would have been throwing good money after bad is beyond my pay grade to determine.

The government have, in my opinion, got off very lightly in this report. The truth is, that in their anxiety to rid themselves of responsibility for rescuing this failing company, they failed to exercise due diligence.

Had they looked properly, they would have realised they were selling to an inexperienced team with an inadequate business plan.

A government adviser, who is named in the report, put the final nail in the coffin by briefing inappropriately when the Chinese were still interested, thus killing any chance of the deal still going ahead.

But the people I really feel sorry for are the men and women who put their heart and soul into keeping their company going for four years while the assets were being stripped away around them.

They have now waited far too long for their share of the beneficiary fund designed to recompense them for all their years of service.

At least, I hope the proceeds of this fund will be distributed with consummate speed: more speedily and efficiently than anything else in relation to the final stages of this tragic tale.

 

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