Chinese look to take over failed van maker
The Chinese businesswoman at the centre of the MG Rover scandal is close to securing a deal to buy the remains of LDV, the failed van maker.
Dr Qu Li who had an affair with Nick Stephenson, one of the Phoenix Four who bought MG Rover and were heavily criticised for the millions of pounds they took out of it before it collapsed, is in talks with LDV administrators PricewaterhouseCoopers. A deal is said to be imminent.
China Ventures Ltd, Dr Li's consultancy, is negotiating on behalf of Shanghai Automotive Industry Corporation, which was the final buyer of what was left of MG Rover.
Dr Li earned £1.7 milllion in the 15 months she worked for MG Rover, much of which came from her negotiating the sale of the Rover 75 design blueprints and fixtures and fittings to SAIC.
Dr Li could earn another £1 million consultancy fee if she succeeds in her attempt to buy LDV. Experts expect SAIC will, as it did at MG Rover, ship the production line out to China.
