‘no’ don’t you understand
SAIC told Trade Secretary Patricia Hewitt it was not interested in a joint venture with Rover three months ago, a company source has told Scotland on Sunday .
The Shanghai-based company’s concerns about Rover’s solvency were followed up with three official letters in the past month - on March 29, April 4 and April 5 - stating it was categorically not interested in investing in MG Rover.
"There is a big difference between ‘possible’ and ‘highly unlikely’," one source close to SAIC said. "There were concerns about the long-term solvency of MG Rover. No company in the world would go into a joint venture with a partner who could be insolvent within weeks."
The government and MG Rover itself continued to insist, until the company was put into administration on April 8, that a deal with the Chinese was its best hope of survival.
And ministers continued to claim there was hope until the firm pulled out on Friday. "It became a case of which part of the word ‘no’ don’t you understand," a source close to the drawn-out proceedings said.
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The Shanghai-based company’s concerns about Rover’s solvency were followed up with three official letters in the past month - on March 29, April 4 and April 5 - stating it was categorically not interested in investing in MG Rover.
"There is a big difference between ‘possible’ and ‘highly unlikely’," one source close to SAIC said. "There were concerns about the long-term solvency of MG Rover. No company in the world would go into a joint venture with a partner who could be insolvent within weeks."
The government and MG Rover itself continued to insist, until the company was put into administration on April 8, that a deal with the Chinese was its best hope of survival.
And ministers continued to claim there was hope until the firm pulled out on Friday. "It became a case of which part of the word ‘no’ don’t you understand," a source close to the drawn-out proceedings said.
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posted by Anoneumouse at 6:05 am
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