owdlad
01-07-2005, 15:52
THE directors of MG Rover are refusing to hand over remaining assets of the collapsed carmaker to a workers’ trust fund despite making a pledge to do so immediately after it plunged into administration, The Times has learnt.
The “Phoenix Four”, who have amassed personal worth of at least £40 million through Rover, have told trustees of the scheme that their solicitors are now advising against a handover of assets that could be worth up to £30 million. In April the four directors, led by John Towers, promised to pass over all remaining assets to a workers’ trust fund to be shared out among the 6,100 people who lost their jobs.
The full story about the shabby way these four continue to laugh whilst their former workers suffer financial hardship can be read here
http://business.timesonline.co.uk/article/0,,8209-1676255,00.html
The “Phoenix Four”, who have amassed personal worth of at least £40 million through Rover, have told trustees of the scheme that their solicitors are now advising against a handover of assets that could be worth up to £30 million. In April the four directors, led by John Towers, promised to pass over all remaining assets to a workers’ trust fund to be shared out among the 6,100 people who lost their jobs.
The full story about the shabby way these four continue to laugh whilst their former workers suffer financial hardship can be read here
http://business.timesonline.co.uk/article/0,,8209-1676255,00.html