The soap opera that is unfolding in the United Kingdom regarding the death of the once-proud MG Rover automobile company continues unabated. Four former MG Rover executives who purchased the automaker from BMW back in May of 2000 for a £10 fee have responded to Lord Mandelson's decision to send the aging case to the Serious Fraud Office with a terse statement. Here's a snippet:
The announcement is mystifying given that at no stage during the last four years of the government inspectors' investigation has there been any suggestion of fraud or criminal activity of any kind.Sounds like the former execs are none too pleased with the delay in publishing the findings of the four-year investigation into the automaker's final days, not to mention the inference that there may have been some sort of fraud on their watch. As an added bonus, the execs are openly questioning why the government has declined to discuss its own dealings with MG Rover around April of 2005 as the company collapsed into administration. As we said before, this case sounds like it's far from over.
Both the National Audit Office and the MG Rover administrators, PWC, carried out thorough investigations into the company's affairs and concluded there was no evidence whatsoever of any wrongdoing.
Lawyers advising the directors who have sat through all of the interviews and read every scrap of evidence have confirmed there has never been any suggestion of fraud during the investigation. At all times, the directors have willingly and openly accounted for their actions.