Wait for MG Rover accounts lengthens

Wait for MG Rover accounts lengthens

Rover delays filing accounts beyond end of January deadline

The wait for full financial information relating to the demise of MG Rover
continued this week, with Phoenix Venture Holdings still withholding its
accounts.

Phoenix’s accounts were due to be filed at the end of January, with sources
close to Rover’s holding company saying the numbers would be at Companies House
‘within days’.

Deloitte, the company’s auditor, was reported to be looking closely at some
details in the figures.A spokeswoman reiterated this week that there were
‘matters to be dealt with’.

Phoenix faces late filing penalties for the delay, though at only £100 for
the first three months, the cost will not worry directors unduly.

The company’s accounts for 2004 have been eagerly awaited, in the expectation
that they may shed some light on Rover’s financial problems and on alleged
accounting issues.

They are also likely to reveal how much Deloitte has received for its audit
work on the group, and some information on the remuneration of directors, the
so-called ‘Phoenix Four’.

Deloitte is currently under investigation by the AIDB over its audit work on
Rover.

ToverThe car group’s demise has proved a bonanza for major firms. KPMG,
PricewaterhouseCoopers, Ernst & Young and BDO Stoy Hayward have all worked
on the collapse of the Midlands car outfit.

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