MPs to quiz Rover boss on refinancing

By DAILY MAIL REPORTER
Updated:

 

THE boss of MG Rover faces tough questions today over the complex refinancing of the company. John Towers, the chairman of Phoenix Venture Holdings which led the rescue of the car firm, will be quizzed by a Trade and Industry Select Committee.

MPs and union bosses have been angered by the corporate structure of MG Rover.

The main criticism is that the money-making parts of the business, worth at least £70m, are in Phoenix's hands. Towers and his three partners paid £10 for the company in 1999.

Martin O'Neill, who chairs the Parliamentary committee, said he wants to 'establish the health of MG Rover.

'We want to know whether the ring-fencing which is going on will deny the car business access to much needed resources.'

Most watched Money videos