Deloitte cleared after report into Phoenix Four over Rover collapse
DELOITTE, the accountants for failed carmaker MG Rover, got the all clear from the 850-word independent report on the collapse of the company, it emerged yesterday, despite charging the business £30.7m in fees over five years.
The news clears the auditor and tax advising firm after years of speculation that it could be reprimanded, having accepted high fees.
Concerns had arisen that the accountant’s advice had led to the so-called “Phoenix Four” directors being able to claim excessive rewards from Rover.
But the report by barrister Guy Newey and forensic accountant Gervase MacGregor, which cost £16m, said there is no evidence that the high fees compromised its independence.