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UK government under pressure regarding MG Rover

Despite Peter Mandelson's attempts to "kick the MG Rover saga into the long grass", by refusing to publish a report into the collapse of the company, the SFO (Serious Fraud Office) has today confirmed that no prosecutions will follow a report and the government is now free to release the information into the public domain.

There are various rumours and suggestions in the marketplace already regarding the report with an indication that the UK authorities used taxpayer's money to shore up a business which was on its knees, just prior to the last general election.

The government was one of the main backers behind the move which saw the so-called Phoenix Group acquire the operation for one pound with significant UK government financial backing. The backers of the operation are accused of withdrawing money from the company prior to its collapse and ultimately walking away with a substantial profit while the business eventually ceased trading.

The four directors involved have always maintained their innocence and believe they acted in line with UK corporate law and have done nothing which could see them appear in court. However, there is a suspicion that Peter Mandelson will himself try to instigate some form of sanctions against the four directors in question and could possibly use this as a reason for delaying the issue of the report yet further.

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