No fraud in Rover accounts

THE administrator of failed carmaker Rover has found no evidence of fraud. But a report commissioned by the Government to discover if there have been any financial irregularities in the five years when the Phoenix Four businessmen were in charge, has yet to be completed.

The Financial Reporting Council report is expected to be handed to the Department of Trade and Industry this week.

A Government spokesman said the findings might not be made public because they could prejudice any potential legal action against the Four.

Meanwhile, administrator PricewaterhouseCoopers is entering into detailed discussions this week with two potential buyers for the group. One is from Iran and the other is believed to be Nikolai Smolenski, the Russian oligarch and owner of sports car brand TVR.