The former bosses of MG Rover gave themselves "unreasonably large" payouts, a report into the collapse of the manufacturer has found.
Full details have now emerged from the £16 million, 830-page long report, which examined why the firm collapsed in 2005 at the expense of 6500 jobs. The four bosses – who bought MG Rover from BMW for £10 in 2000 – were known as the Phoenix Four.
Pay and pensions worth £42m was shared by five executives, which inspectors said was "out of all proportion". The men face a ban from running other companies, says the government.
The Phoenix Four, plus chief executive Kevin Howe, described the report as a "witchhunt" and a "whitewash for the government".
"Our remuneration was not the reason for the collapse. The real reason is the government bungled the last chance to save MG Rover," said Howe, chairman John Towers, ex-vice-chairman Nick Stephenson, Peter Beale and John Edwards.
But Business Secretary Lord Mandelson criticised the men for not showing "an ounce of humility" and called on them to apologise. He will be taking legal action to ensure they can't become directors of any other UK companies.