Page last updated at 10:57 GMT, Friday, 11 September 2009 11:57 UK

Mandelson condemns Phoenix Four

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An official report on the collapse of MG Rover has criticised the executives who bought the car maker for taking unreasonably large financial rewards.

The consortium known as the Phoenix Four bought the company for a nominal sum in 2000 and it went into administration five years later.

Business Secretary Lord Mandelson has strongly denounced the Phoenix Four, criticising them for not showing any humility.

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