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Mg Rover Collapse To Be Investigated By Sfo

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http://business.timesonline.co.uk/tol/busi...icle6638456.ece

In the wake of the collapse the owners, the so-called Phoenix Four — businessmen John Towers, Peter Beale, John Edwards and Nick Stephenson — were accused of asset-stripping. They bought the company from BMW for £10 in 2000, a price that included a £427m loan from the German car group, and a stock of thousands of unsold cars. In the following years they took out an estimated £40m in salaries, pensions and other assets.

Its good to see that the spirit of free enterprise is alive and well in the UK! :lol:

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If the SFO is investigating they might as well crack open the Champagne.

Even if they get took to caught they'll walk away free.

Must be the best news they've had, big investigation to cost millions then and no evidence to be found.

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As an ex employee of that blighted group I just wish there would be a proper investigation of those four and one or two of their henchmen rather than one of the 'chocolate teapot' variety......... :angry:

Me too and I'm not optimistic as the SFO has a reputation for not being "fit for purpose" and even if a case is brought, its notoriously difficult to prosecute fraud cases in UK courts.

I'd like SFO sent into all UK banks too, but that's not going to happen either!

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Me too and I'm not optimistic as the SFO has a reputation for not being "fit for purpose" and even if a case is brought, its notoriously difficult to prosecute fraud cases in UK courts.

I'd like SFO sent into all UK banks too, but that's not going to happen either!

Sadly not.............

Agree on the SFO and frankly there's one or two names not mentioned on this which really need looking at even more (I obviously won't mention but I am sure you'll know who) and that won't happen either........shame.

Thankfully I got completely out of the sector early, hope all went well for you as well.

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