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Mc Rover

In: Business and Management

Submitted By thienbinh
Words 461
Pages 2
History of MG Rover
The Rover Company developed through the grouping, regrouping, merger and take-over of many famous names in British motoring.
In early 1994 the Rover Group was taken over by the German car maker BMW. Following six years with BMW on 16th March 2000 BMW announced fundamental reorganization plans that split the company apart and resulted in the sale of the key constituent parts of the group. The new company MG Rover Group Limited is now an independent, medium sized, British company that produces cars under the Rover and MG brands from the Long bridge Birmingham plant.
In 2005, MG Rover collapsed.
Reason for collapse
Accountant Negligence:
"Evidence Eliminator" computer software, a tax avoidance plot called "Project Slag" six figure bribes and an office affair were just some of the more outlandish ingredients revealed today by the long awaited investigation into the MG Rover scandal. The 850 page report lays bare the breathtaking lengths to which its former owners, the so called Phoenix Four went to enrich themselves before the company Britain's last large car manufacturer collapsed in April2005 with the loss of 6500 jobs. Business Secretary Negligence:
MG rover was also liable for his own negligence. There is no proper check and balance on the accountant by the directors of the company. The secretary said that there has been a comprehensive and thorough investigation into the events which lead to the company falling, workers losing their jobs and creditors not getting paid. The SFO must now see if there are grounds for prosecution. The failure of the MG rover was an intense embarrassment to the Government as it had backed phoenix venture holding at the start of the decade when it bought the businesses built from another once great midlands vehicle manufacturer British Leyland’s from BMW the German car companies had lacked up losses of more than 2.85…...

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