You may have read recently that the Secretary of State for Business, Innovation and Skills is refusing to discuss the landmark £14 million fine imposed on Deloitte & Touche for their advice to the MG Rover Group and the “Phoenix Four” directors, which is expected to be paid to the Institute of Chartered Accountants in England and Wales (ICAEW).
Articles about ‘MG Rover’
Today a £14 million fine was imposed on Deloitte & Touche for their advice to the MG Rover Group and the “Phoenix Four” directors.But as we watch another twist to the MG Rover drama unfold, it’s important to remember what was important then – and what is important now. That is the 6000+ MGR workers who lost their jobs in the collapse, and the communities whose identity “the Austin” factory defined for over a century. Although this fine will certainly hold Deloitte accountable for their actions, unfortunately it will not change what happened to the employees, and the local area, in the demise of MGR.
The £14 million must not only deter accountants from acting in this way again. It must mean change for the people, and the community, who suffered so much from the collapse of MGR and are still yet to be repaid.
I was delighted to attend the Pride of Longbridge on Saturday. By respecting our community’s heritage, we can help build our community’s future.
I was also fortunate enough to present the prizes with Simon Bennett from Longbridge’s MG Sales Centre for the very first MG CD Racer Competition. Read more
As you may have seen in the local news, yesterday the trustees of the MG Rover trust fund visited the Acorns hospice in Selly Oak to officially present Acorns with a donation of £23,000.
This comes at the end of the long and sad saga of the trust fund set up for former MG Rover workers when the company collapsed in 2005. Read more