18/04/2005
Inquiry launched into MG Rover’s accounts
The Financial Reporting Council is to launch an investigation into the accounts of collapsed car firm MG Rover, amid reports of a £400 million “black hole” in the company’s accounts.
John Towers, one of the directors of Phoenix Venture Holdings, who took over MG Rover from BMW in 2000, dismissed the reports as “ridiculous”. Mr Towers also claimed that he was the victim of a “character assassination” and said that other company bosses received more than the £200,000 annual salary and £105,000 pension which he received.
MG Rover, which went into administration just over a week ago, following the collapse of a possible deal with Shanghai Automotive Industry Corporation (SAIC), announced that nearly 5,000 workers would be made redundant on Friday.
The government has pledged £150 million in support of the workers who have been made redundant, as well as for suppliers of MG Rover, who could also face job losses as a result of the car firm’s collapse.
A task force, which has been established to administer the government funds, is due to meet today. The money is expected to be used to provide redundancy payments and retraining for redundant workers, as well as to support MG Rover’s supply chain and help diversify industry in the Longbridge area in Birmingham, where the Rover plant is located.
The Citizens Advice service in the West Midlands has set up a telephone helpline for anyone affected by the collapse of MG Rover. The helpline, which has six lines, will be staffed by trained advisors offering independent, confidential information and advice on a wide range of issues, including money worries, welfare benefits and debt.
Citizens Advice Midlands Regional Manager Sue Wigley said: “At a time when so many thousands of people in the West Midlands are facing redundancy, Citizens Advice has a vital role to play in ensuring they have access to timely free, confidential and independent advice from a trusted source on the issues they are most worried about. The helpline is intended to provide an immediate emergency service, but we are also working with the regional Task Force on plans to provide additional advice services in the longer term for those affected by what happens at Longbridge.”
The helpline number is: 0121 687 5357. Advice is also available: www.adviceguide.org.uk
(KMcA/GB)
John Towers, one of the directors of Phoenix Venture Holdings, who took over MG Rover from BMW in 2000, dismissed the reports as “ridiculous”. Mr Towers also claimed that he was the victim of a “character assassination” and said that other company bosses received more than the £200,000 annual salary and £105,000 pension which he received.
MG Rover, which went into administration just over a week ago, following the collapse of a possible deal with Shanghai Automotive Industry Corporation (SAIC), announced that nearly 5,000 workers would be made redundant on Friday.
The government has pledged £150 million in support of the workers who have been made redundant, as well as for suppliers of MG Rover, who could also face job losses as a result of the car firm’s collapse.
A task force, which has been established to administer the government funds, is due to meet today. The money is expected to be used to provide redundancy payments and retraining for redundant workers, as well as to support MG Rover’s supply chain and help diversify industry in the Longbridge area in Birmingham, where the Rover plant is located.
The Citizens Advice service in the West Midlands has set up a telephone helpline for anyone affected by the collapse of MG Rover. The helpline, which has six lines, will be staffed by trained advisors offering independent, confidential information and advice on a wide range of issues, including money worries, welfare benefits and debt.
Citizens Advice Midlands Regional Manager Sue Wigley said: “At a time when so many thousands of people in the West Midlands are facing redundancy, Citizens Advice has a vital role to play in ensuring they have access to timely free, confidential and independent advice from a trusted source on the issues they are most worried about. The helpline is intended to provide an immediate emergency service, but we are also working with the regional Task Force on plans to provide additional advice services in the longer term for those affected by what happens at Longbridge.”
The helpline number is: 0121 687 5357. Advice is also available: www.adviceguide.org.uk
(KMcA/GB)
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05 May 2005
Workers protest at MG Rover plant
Hundreds of former employees of collapsed car firm MG Rover are attending a rally today at the firm’s Longbridge plant in Birmingham. Organisers have stressed that the event is not political, but is being held to ensure that the plight of redundant Rover staff and their families is kept in the public eye.
Workers protest at MG Rover plant
Hundreds of former employees of collapsed car firm MG Rover are attending a rally today at the firm’s Longbridge plant in Birmingham. Organisers have stressed that the event is not political, but is being held to ensure that the plight of redundant Rover staff and their families is kept in the public eye.
11 September 2009
Government Seeks To Bar Directors Following MG Rover Collapse
Evidence is being compiled to bring proceedings against the MG Rover Group (MGRG) directors to prevent them running other companies in the future, Business Secretary Lord Mandelson has announced. The announcement was made today as the government published the results of an independent investigation into the collapse of MGRG.
Government Seeks To Bar Directors Following MG Rover Collapse
Evidence is being compiled to bring proceedings against the MG Rover Group (MGRG) directors to prevent them running other companies in the future, Business Secretary Lord Mandelson has announced. The announcement was made today as the government published the results of an independent investigation into the collapse of MGRG.
06 July 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".
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".
10 March 2006
Tories accuse Labour of election 'bung' to MG Rover
Shadow Trade and Industry Secretary Alan Duncan has accused the Labour party of using taxpayers' money to bribe voters to remain loyal in advance of the 2005 general election. The Shadow Trade and Industry Secretary said the provision of a £6.
Tories accuse Labour of election 'bung' to MG Rover
Shadow Trade and Industry Secretary Alan Duncan has accused the Labour party of using taxpayers' money to bribe voters to remain loyal in advance of the 2005 general election. The Shadow Trade and Industry Secretary said the provision of a £6.
11 July 2005
James drops plans to buy MG Rover
Businessman David James has dropped his plans to buy collapsed car manufacturer MG Rover. Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
James drops plans to buy MG Rover
Businessman David James has dropped his plans to buy collapsed car manufacturer MG Rover. Mr James was part of a consortium that planned to purchase Rover, which went bankrupt earlier this year, and continue to manufacture cars at the Longbridge plant.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
