Mandelson seeks to ban Phoenix Four from serving as company directors in the future

[Ian]

Lord Mandelson seeks to ground Phoenix Four
Wednesday 12 August 2009, 15:55

Business secretary Lord Mandelson is looking to ban ex-MG Rover directors from serving as company directors in the future following a report into the company’s closure which will be published on September 11.

The 850-page report, which took four years to compile at a cost of £16 million in taxpayer’s money, is believed to include damning details about how the manufacturer’s demise was handled.

Mandelson has arranged for Government lawyers to compile evidence against John Towers, Nick Stephenson, Peter Beale and John Edwards, the directors known as the Phoenix Four, to stop them becoming directors at any other company, despite the fact that no evidence was found to suggest wrongdoing during the closure of the business in 2005.

The Serious Fraud Office was appointed to expose any illegal activity during MG Rover’s demise, but announced earlier this week that there was no evidence to support a criminal investigation and made no further comment.

Accountancy firm Deloitte, the former auditor to MG Rover, is also expected to feature heavily in a soon-to-be published and damning report.

Although the Phoenix Four are under the spotlight, Deloitte are expected to be subject to scrutiny after a Guardian review of Rover-related accounts for years between 2000 and 2003 show it received £1.9m for its role as auditor to the carmaker and linked companies.

Among the key figures in Deloitte's relationship with Rover was mergers and acquisitions partner Maghsoud Einollahi, who retired from the UK firm last year.

SOURCE: AMOnline

[dentricrio]

I'd like to bad Mandelson from being in any seat of power what so ever, but we can't all get our own way.

[chris.maddock]

How much more of a nasty piece of work can he get?

[Windy]

I think the Chinese had the right idea:

http://shanghaiist.com/2008/10/11/eu...er_mandels.php

[xerif]

Some shoddy journalism allows the attack dogs to go lose. Mandy can't ban himself but refer the matter to the Courts who have the power to ban

See
http://www.businesslink.gov.uk/bdotg...mId=1073791043

The most relevant one is

allowing the company to trade while insolvent

Why anyone can defend these despicable greedy men is beyond me.

[MGJohn]

Originally Posted by xerif

allowing the company to trade while insolvent

Why anyone can defend these despicable greedy men is beyond me.

Far too many do that and continue to do so. Far worse, wind up a company then start up an identical one soon after sometimes in the same premises ~ with a different name.

Nothing done !
..

[Man in the Car]

Originally Posted by xerif

allowing the company to trade while insolvent

Why anyone can defend these despicable greedy men is beyond me.

Frankly, from where I see it, their behaviour (even if the worst of the stories are true) is no worse than a large proportion of businessmen, who in the main are greedy, arrogant and inept. That is why the country is in its present bankrupt state.

I'm sorry, but it is just vindictivness on the part of the Government/Mandelson. The administrators, auditors, right through to the SFO have found no evidence of wrongdoing, and no valid reason for a prosecution, yet still Mandelson persists.

If the directors of Phoenix are shown up in the report as having the shortcomings they are being accused of, then they deserve to be castigated for it. However, I strongly suspect that Mandelson/The Government are just throwing a wobbly because their cunning plan to bury the report until after an election have been scuppered by the SFO.

I also strongly suspect, that the real reason for the high profile continued persecution of Towers & Co is to deflect attention away from any damaging criticism of the Government, and in particular the then DTI, which I am sure is in the report.

Regardless of the percieved shortcomings of the P4, my memory of the public face of the Government's handling of the affair, is that it was inept at the very least.

I am sure we all look forward to its publication so that we can put most of the pure speculation to bed once and for all.

[chris.maddock]

Originally Posted by Man in the Car

I'm sorry, but it is just vindictivness on the part of the Government/Mandelson. The administrators, auditors, right through to the SFO have found no evidence of wrongdoing, and no valid reason for a prosecution, yet still Mandelson persists.

If the directors of Phoenix are shown up in the report as having the shortcomings they are being accused of, then they deserve to be castigated for it.

True - but, if there was anything amiss, then action should have been taken four years ago - as should any SFO investigation have been - not left this late. If there was anything seriouly enough amiss to justify action now, then it would have been known about early in the investigation.

This all strikes me as the actions of a slimy, twice-disgraced politician wriggling on the hook to defend his cronies. After all, he can't be voted out so he can do pretty well much as he likes.

[Cap'n ZS]

Thank god this isn't 200 years ago, mandleson would now be our despot leader having us tortured and killed by the tens of thousands. That man is nothing short of pure evil.

[Frank]

it the goverment had done what others had done and supported our own people we would still have rover cars being made,

[MGJohn]

Originally Posted by Man in the Car

Frankly, from where I see it, their behaviour (even if the worst of the stories are true) is no worse than a large proportion of businessmen, who in the main are greedy, arrogant and inept. That is why the country is in its present bankrupt state.

Spot on ~ totally agree!

Only in the UK ~ where genuine and well earned success is a no-no, asset stripping, incompetence and failure are highly rewarded not to mention the selling off of the nation's family silver to cover hidden shortfalls. Add a touch of corruption which always seems to go hand in hand with priviledge at all levels and you have the recipe for a Nation's continued decline ~ from just above every aspect.

It did not used to be like that ~ but, that seems a very long time ago now in the former green and pleasant.

Yes, only in the UK.

..................

[Swaledale Ram]

Just been reading the Economist. There is an article about Philippe Varin who runs Peugeot Citroen. Their recent results have been quite good and the company's balance sheet has been strengthened by a loan of 3 billion Euros from the French Government. This was given in exchange for a committment to keep French factories open.

Pity the UK government was not so supportive of MG Rover a few years ago. I'm sure the last thing on the minds of the French when they gave the loan was what Brussels would think. They just supported the people who elected them.

[streetrover]

Originally Posted by xerif

Some shoddy journalism allows the attack dogs to go lose. Mandy can't ban himself but refer the matter to the Courts who have the power to ban

See
http://www.businesslink.gov.uk/bdotg...mId=1073791043

The most relevant one is

allowing the company to trade while insolvent

Why anyone can defend these despicable greedy men is beyond me.

I know, let's have an investigation followed by a report to see if they've done anything wrong!

Potential causes of disqualification include:

allowing the company to trade while insolvent
not keeping proper accounting records
failing to prepare and file accounts
not sending returns to Companies House
failing to send tax returns and pay tax

I'd say none of them are relevant.

The auditors decided MG Rover was solvent up until they stopped trading. So if they transgressed, it is they who should be disqualified. Funny how no one's suggesting that. MGR did become insolvent - in April 05. But the company went into administration and ceased trading.

[amtcoupe]

Originally Posted by xerif

Some shoddy journalism allows the attack dogs to go lose. Mandy can't ban himself but refer the matter to the Courts who have the power to ban

See
http://www.businesslink.gov.uk/bdotg...mId=1073791043

The most relevant one is

allowing the company to trade while insolvent

Why anyone can defend these despicable greedy men is beyond me.

The fact is that until (or rather if ) this report ever sees the light of day none of us know if the phoenix 4 were "the unnacceptable face of capitalism" or if they employed 6000 people and kept the brand alive for 5 years more than it should have had .

In the meantime do you not wonder why mandy wont let us see the report while still trying to villify the p4 at every opportunity ?

does that not make you even slightly suspicious about his motives ?

is our unelected deputy prime minister trying to protect or unelected prime ministers arse ?

Has he realised that the "financial sector is the future for this country not manufacturing " comment at the time didnt work out that well for us in the end ?

It may turn out you will be entirely right and towers an co's greed did sink rover but until that reports out everything else is just speculation , andy

[JohnSwitzer]

Originally Posted by xerif

Some shoddy journalism allows the attack dogs to go lose. Mandy can't ban himself but refer the matter to the Courts who have the power to ban

See
http://www.businesslink.gov.uk/bdotg...mId=1073791043

The most relevant one is

allowing the company to trade while insolvent

You couldn't make this stuff up... forget about MG Rover for a moment. This wretched and inherently corrupt Government's got the whole bloody country trading whilst insolvent!

Regards

John

[JohnSwitzer]

Originally Posted by amtcoupe

Has he realised that the "financial sector is the future for this country not manufacturing " comment at the time didnt work out that well for us in the end ?

In fairness, our illustrious leader was looking to the future when he made that statement. Unfortunately for all of us, he was looking out of his dodgy eye

Regards

John

[doos]

Perhaps we can ban all labour and conservative MPs who have served in goverment from doing it again

[outcastjack]

Originally Posted by Swaledale Ram

Just been reading the Economist. There is an article about Philippe Varin who runs Peugeot Citroen. Their recent results have been quite good and the company's balance sheet has been strengthened by a loan of 3 billion Euros from the French Government. This was given in exchange for a committment to keep French factories open.

Pity the UK government was not so supportive of MG Rover a few years ago. I'm sure the last thing on the minds of the French when they gave the loan was what Brussels would think. They just supported the people who elected them.

france and germany will continue to do well for the forseable future as their governments do, as you say, care about those who elected them.

[thomasgilling]

Originally Posted by MGJohn

Yes, only in the UK.

You need to make that a signature!

[MGJohn]

Originally Posted by thomasgilling

You need to make that a signature!

Yes, I would do that but, I've already been reprimanded for the size of my ...

.... signature..

More seriously, viewed and appraised through your still 'mint' young eyes, what do you understand those words "Only in the UK" to mean ?

I would genuinely be interested to hear the views on this from an enthusiastic teenager who has an interest in Rovers.

..