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.
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
The wait is over for motoring enthusiasts who have been counting down the days (and months, and years) for the new MG supermini, following the phoenix-like rise of the company from the ashes of MG Rover.
Dubbed the MG3, the car is well placed to rival the market leading Ford Fiesta with a revvy 1.5 litre engine and a low price tag.
The parts for the car are built in Lanjing, China and assembled and tested at the old MG Rover plant at Longbridge, Birmingham. The site now employs around 40 people on the production line and over 300 in the design hub.
A big gathering of classic Rover cars is taking place today at Coughton Court near Alcester in Warwickshire. The event will celebrate 60 years of the Rover Sports Register and 50 years since the launch of the Rover P6 car.
Many of the engineers, who are now in their seventies, who worked on the project when it launched will also be going along to see the cars they first created.
MG unveiled its latest car today and it's a mini one. They can't of course use the word Mini because that's now owned by BMW.
But today the company launched its new smaller car at the Longbridge plant in Birmingham where the Mini was first designed. There is some flash photography in this report from our business correspondent, Mark Gough.
The new MG3 - the new mini car from the company which invented the mini.
The new MG3 will be shown-off in the UK for the first time today at MG's factory in Birmingham.
The company are throwing open the doors of their newly extended design centre at Longbridge, which is where ideas for the MG3 and other new models are born.
This latest model will go on sale late summer 2013 priced at between £10,000-£15,000.
Car-maker MG will unveil their new model - the MG3 - at their newly extended design centre in Longbridge in Birmingham.
The company have spent more than £1.5 million on the top-secret building where their ideas for new cars are created, making it the fifth largest automotive studio in the UK.
MG’s parent company, SAIC Motor, has opened a base in the USA to boost trade in North America.
MG's headquarters are based in Birmingham, England. Nearly 100 people will be based in SAIC Motor's USA office in Birmingham, Michigan.