Rover report a sorry tale of greed and incompetence - Thurso

"The Government needs to take action to ensure that this type of cynical asset stripping can never happen again," said the Liberal Democrat Shadow Business Secretary. Commenting on today’s publication of the investigators’ report into the demise of MG Rover, John Thurso said:

“After four years of delay and an eye-watering £16m of taxpayers’ money, the lid had finally been lifted on the murky circumstances surrounding MG Rover’s demise.

“This report tells an all too familiar story of greed and incompetence. Former Rover employees throughout the Midlands will be shaking their heads in disbelief at the colossal sums that the Phoenix Four made off with in pay and pensions. The Government needs to take action to ensure that this type of cynical asset stripping can never happen again.

“The one ray of light for those who lost their jobs is that the report’s publication should now unlock access to a fund originally set up for the benefit of ex-employees. Lord Mandelson should immediately establish if this money can now be distributed among workers who lost their jobs.

“The Government’s press briefings at a sensitive time in takeover negotiations were ‘irresponsible’ in the eyes of the inspectors. This is a damning verdict on the pervasiveness of New Labour’s spin machine in the workings of Government.

“It shouldn’t be forgotten that the Government jumped at a £10 bid from an inexperienced consortium, having failed to do proper due diligence. This turned out to be a terrible decision for all involved.”