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Former worker hopes £14m fine will go to Rover staff

The accountancy firm Deloitte has been fined a record £14million for persistent failings in its dealings with collapsed car manufacturer MG Rover.

The firm collapsed in 2005 with debts of £1.4billion. More than six thousand people lost their jobs. It had been bought by directors known as the Phoenix Four for a £10 five years earlier.

Now the financial industry watchdog has fined Deloitte and severely reprimanded the firm after ruling it did not spot conflicts of interest in its advice to MG Rover and directors who bought the company.

Former MG Rover worker Andrew Cartwright hopes there's some chance the money from the fine could go to some of the people who lost their jobs when the carmaker collapsed.

National

Deloitte fined £14 million over MG Rover advice

Deloitte has been fined a record £14 million for failing to manage conflicts of interest in its advice to collapsed carmaker MG Rover Group Credit: PA Wire

Accountancy firm Deloitte has been fined a record £14 million for failing to manage conflicts of interest in its advice to collapsed British carmaker MG Rover Group.

The Financial Reporting Council, which brought the case against Deloitte, said an independent tribunal also backed the watchdog's call for a severe reprimand of the company.

The tribunal also agreed to a fine of £250,000 for Maghsoud Einollahi, a partner with Deloitte at the time. He has also been banned from the profession for three years.

Deloitte said disagrees with the tribunal's main conclusions

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Jaguar dealers top satisfaction survey

Jaguar has come top in a car dealer satisfaction survey. The poll which is being published in What Car? magazine, found customers of the Birmingham built vehicles were impressed with showroom staff, flexibility with booking in their cars, and overall aftercare services.

A total of 13,511 customers were asked for feedback, who had a service experience in the past 12 months, based on cars bought between January 2010 and December 2011. Here's the top ten.

  • 1 - Jaguar 85.5%
  • 2 - Lexus 85.4%
  • 3 - Honda 84%
  • 4 - Mercedes-Benz 82.6%
  • 5 = Land Rover 82%
  • 5 = Toyota 82%
  • 7 - Skoda 81.4%
  • 8 - Volvo 80.8%
  • 9 = Kia 80.32%
  • 9 = Nissan 80.32%

Foundation stone laid in China for Jaguar Land Rover factory

Jaguar Land Rover have today laid the foundation stone for their first factory in China.

The company is starting a joint deal with Chery Automobile to start manufacturing Jaguar and Land Rover models in the country.

The new plant is being built in Changshu, near Shanghai. The project will create cars specifically for the Chinese market, as exporting cars from the UK is costly.

Jaguar Land Rover makes £430 million profit in three months

Jaguar Land Rover has made more than £430 million profit in just three months.

It announced the figures today just a week after saying it was going to start building cars in China to meet huge demands.

The company, which has already created 800 jobs in the last two years, says it's going to invest another two billion pounds.

Business correspondent Mark Gough explains JLR's success

Jaguar Land Rover made more than four hundred and thirty million pounds profit in just three months. That's double the amount it made in the same period last year.

As our business correspondent Mark Gough reports, huge demand in China is fuelling the rapid growth of the firm with more than two thousand jobs at its factories in the Midlands.

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Jaguar Land Rover's CEO: More profits mean more investment

After news Jaguar Land Rover has doubled its profits, Ralf Speth, CEO of Jaguar Land Rover, confirmed it would mean further investment to encourage growth.

Jaguar Land Rover will continue to invest in its products, plants and will drive further growth by spending in the region of £2bn in the financial year."

– Ralf Speth, CEO Jaguar Land Rover

Jaguar Land Rover sells nearly 30% more cars compared to last year

Brand new Land Rovers after coming off the production line
Brand new Land Rovers after coming off the production line Credit: PA

Jaguar Land Rover has doubled its profits from £215m to £431m - a 100 per cent increase on the same period last year. It sold 84,749 cars - a 29 per cent increase.

It's yet another sign of the rapid growth of the company which generated revenues of £3.2bn.

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