John Towers (businessman) ground until it finally collapsed with the loss of 6,500 jobs. PVH gave members of management "unreasonably large" payouts, a government-commissioned report found, which were "out of all proportion". Towers awarded himself £8.958m whilst many employees lost their lifetime jobs - leaving with nothing. Nanjing Automobile subsequently brought MG out of administration, but have since moved production to China. John Towers (businessman) John Towers CBE (born 30 March 1948) is an English businessman, who was the owner and managing director of MG Rover Group from 2000 until the company entered administration in 2005. This followed a succession of senior appointments
The Equitable Life Assurance Society to the government's reply. In August 2009 Sir John Chadwick issued an interim report. Sir John is designing a scheme to help the "hardest hit" by measuring the losses suffered in agreed cases of maladministration with those of a comparable company. In the Queen's Speech following the formation of a Conservative-LibDem coalition government in 2010, the Equitable Life (Payments) Bill was announced. The bill will secure compensation for nearly a million policyholders (UK-wide) hit by the near-collapse of the insurer Equitable Life. The Government also announced that the final report from Sir John Chadwick in relation to Equitable Life would