Retail mogul and former owner of British institution BHS, Sir Philip Green, will be summoned to parliament as part of an investigation into the collapse of the department store chain. He faces calls to give up his knighthood. Green, who was knighted under the Tony Blair administration for his “services to retail,” is facing an inquiry by the work and pensions committee over his role in the downfall of the 88-year-old department store, which has put 11,000 jobs on the line and threatened to close over 164 stores.
Green bought BHS in 2000 for just £200million and sold it last March to Retail Acquisitions, a consortium led by twice bankrupt ex-racecar diver Dominic Chappell, for a nominal sum of £1. Shadow Business Secretary Angela Eagle noted that the pension fund was just £5million in debt when Green took over leadership in 2000.
“There are some serious questions to answer, not least by the former owner Sir Philip Green,” she said.
Eagle accused Green of “extract[ ing] hundreds of millions of pounds from the business and walked away to his favorite tax haven leaving the PPF to pick up the bill.”
Most of the Green family’s estimated £3.22-billion fortune is held offshore by his wife in Monaco.
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INC News, 27/04/2016 - source: ©RT News
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