Phoenix Holdings: MG Rover

Miss Kirkbride
To ask the Secretary of State for Trade and Industry what progress has been made in his Department’s inquiry into Phoenix Holdings’ involvement in MG Rover; what the costs to all parties involved have been to date; and if he will make a statement.

Margaret Hodge
The Companies Act Inspection is being conducted independently of the DTI. The inspectors are not constrained by any Government target date for completion as the Government do not want to impede the thoroughness of the Inspection. The Inspectors do intend to complete this inspection as quickly as possible, consistent with a proper and fair process. The total costs of the inspection to the Department as at 28 February 2007 were £6,557,614 plus VAT of £1,207,257 and disbursements of £340,999.