The government is planning to bring civil proceedings to disqualify members of the “Phoenix Four”, the former owners of the Birmingham carmaker MG Rover, from being company directors.
On Tuesday the Serious Fraud Office announced it would not pursue a criminal investigation into the sale of the business for £10 in 2000 to the four directors of Phoenix Ventures. This suggests that SFO investigators found no convincing grounds for a fraud case against the Midlands businessmen in an independent report on the sale produced for the government.
