The four directors who made a fortune while MG Rover collapsed have been banned from being company directors.
The so-called 'Phoenix four' were initially greeted as heroes when they took over, but quickly began transferring assets into their own holding company.
While Rover eventually collapsed owing more than £1bn, the Phoenix four and the company's managing director are thought to have made £42 million between them.
The Government has now announced that John Towers, Peter Beale, Nick Stephenson and John Edwards have been banned from being company directors for between three and six years.
The announcement follows a lengthy investigation into the men's business dealings while they were in charge at Longbridge.
Gareth has more than 20 years’ experience as a journalist having started his career in local newspapers in the 1990s. Prior to joining Fleet News in 2008, he worked in the public sector as a media advisor and is currently news editor at Fleet News.
northlightmedia - 09/05/2011 13:28
Poor things, how will they ever manage? Still, at least the thousands of former MG Rover and supplier workers who lost their jobs will feel a sense of justice. Won't they?