Dave Osborne, T&G National Secretary for the car industry said today, “Last night the national trade unions officials met with the Chairman and other board members of Phoenix Venture Holdings, owners of MG Rover. The purpose of the meeting was to obtain from the company an explanation of directors' payments including salaries, pensions and loans.

“The trade unions also raised with the company issues relative to the financial structuring of the business. The company categorically denied allegations of asset stripping and said that current speculation was wholly unfounded.

“The company further stated that the information provided to the trade unions had been given to the media and they are prepared to give detailed explanations to any appropriate party. The national officers indicated to the company their intention to take up this offer with the involvement of trade union financial experts”

Besides Dave Osborne of the Transport and General Workers Union, union officials attending last night's meeting included Duncan Simpson and Terry Pye of Amicus-MSF.