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DTI investigates on MG-Rover
By Stéphane Schlesinger on 3 June 2005 | 
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The British Department of Trade and Industry has launched an inquiry into the accounts of Phoenix Venture Holdings, which owned MG-Rover.
Secretary of Trade and Industry Alan Johnson wants to know exactly what happened to the group since the appointment of Administrators on April 8 was lethal shock on the employees as well as the suppliers.
Phoenix Venture Holdings is suspected of having traded while being insolvent, which is punishable with prison. Nevertheless, it’s legal to trade if there are good chances of recovery. In other words, Alan Johnson wants to make sure that SAIC was really willing to buy MG-Rover as it was claimed.
Phoenix Venture Holdings had obtained a lot of money from BMW and the sale of assets around the world. What have they done with it?
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