September 11, 2009

Sorry, how do people get away with this sort of thing again?

A long-awaited report into the collapse of car giant MG Rover is expected to reveal that four bosses took more than £40 million in pay and pensions from the troubled firm.

The four businessmen bought MG Rover for a nominal £10 from owner BMW.

The men, known as the Phoenix Four - former MG Rover chairman John Towers, vice-chairman Peter Beale, Nick Stephenson and John Edwards - have been given copies of the 850-page report to study before its official publication.

The report comes more than four years after the motor firm went out of business with the loss of thousands of jobs.

The independent inquiry into the crisis has cost the taxpayer more than £16 million and will detail the Government's efforts to save the firm, including a £100 million bridging loan, as well as the involvement of the 'Phoenix Four'.


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