The Birmingham Post has reported today that the MG Rover Trust Fund is to be wound up after over seven years – without a penny going to the 6,500 former workers who lost their jobs in 2005.
The trustees seem to have given up hope of the Phoenix Four ever putting the funds in to the trust which they led employees to believe they would. If reports are true, the trustees’ decision may be realistic but it is a sad end to the saga of the Trust Fund.
The Phoenix Four were the ones who made a commitment. They should have stuck to it. They seem to have committed company assets elsewhere that they promised to their former employees and so should have put some money in themselves. They walked away with millions as their workers lost their jobs and more. The Phoenix Four could have afforded to put £1m each into the trust.
The media is reporting that plans are being drawn up to donate the approximately £20,000 in the Trust Fund to a local children’s charity, dependent on workers’ approval. I hope the trustees officially write to employees as soon as possible to let them know their position and their reasons – directly and quickly, not only through the media.
I hope the trustees’ decision draws a line – even a bitter one – to allow employees to move on. But the Phoenix Four have to live with what they promised to do but refused to do when it came to it.
