LONDON (AP) -- The British government has barred four investors involved in the collapse of automaker MG Rover from any company management positions.
The businessmen, known as the Phoenix Four, collected millions in pay and pensions from the company before it collapsed in 2005, putting 6,300 people out of work and leaving creditors owing 1.3 billion pounds. ($2.12 billion).
Britain's Business Department said Sunday that Peter Beale, John Towers, Nick Stephenson and John Edwards received bans of between three and six years each.
The announcement follows a long-running investigation into the group's involvement in the former car company, which manufactures Rover and MG cars.
The men bought the company for a token 10 pounds from BMW in 2000.
The businessmen, known as the Phoenix Four, collected millions in pay and pensions from the company before it collapsed in 2005, putting 6,300 people out of work and leaving creditors owing 1.3 billion pounds. ($2.12 billion).
Britain's Business Department said Sunday that Peter Beale, John Towers, Nick Stephenson and John Edwards received bans of between three and six years each.
The announcement follows a long-running investigation into the group's involvement in the former car company, which manufactures Rover and MG cars.
The men bought the company for a token 10 pounds from BMW in 2000.
