The Maxwell MCC Pension Plan Committee has said that it feels vindicated by the Maxwell reports findings. Committee member and former BPCC director Doug Bristow said: "The problem is what to do with it a lot of chaps in the works scheme have died since it began."


The report cost the taxpayer over 8.5m before VAT and took nearly nine years to complete after it was delayed by the trial of Kevin and Ian Maxwell in 1996.


The Maxwell report, and before that the Wace report, have prompted secretary of state for trade and industry Stephen Byers to call for recommendations on streamlining DTI investigations.


Byers said: "It is vital that we learn the lessons from the Mirror Group Newspapers affair. Other Section 432 and 442 inspections have also been lengthy and costly. I dont regard this as an acceptable state of affairs."


As expected, the report apportioned the majority of blame for the 400m deception of pension funds to Robert and Kevin Maxwell. At the time of the 1991 MGN flotation the pension fund was owed 100m.


It stated: "Kevin Maxwell gave very substantial assistance to Robert Maxwell and bears a heavy responsibility."


It also criticised City institutions Coopers & Lybrand Deloitte, Samuel Montagu and Goldman Sachs for their parts in the flotation.


A spokeswoman for the DTI said: "Were considering the report and taking legal advice before deciding on whether directors disqualification proceedings are appropriate."


Story by John Davies