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Windfall for Phoenix Four

The Phoenix Four - former owners of collapsed car giant MG Rover - are set to become millions of pounds richer after clawing back £16 million from the taxman. The Phoenix Four - former owners of collapsed car giant MG Rover - are set to become millions of pounds richer after clawing back £16 million from the taxman. At the same time the Department of Trade & Industry as admitted that its inquiry into the MG Rover collapse was likely to drag on into next year. So far it has cost £6.9 million - around £12,000 a day since it was launched 18 months ago. The £16 million VAT windfall is revealed in the accounts for MGR Capital, a company that controlled a book of Rover car leases. Read the full story in the Express & Star

Business|Nov 28, 2006
Business