UK lawmakers blame BHS collapse on Green

It's likely there will be pressure to revoke Green's knighthood

UK lawmakers blame BHS collapse on Green


Labelled "the unacceptable face of capitalism", Sir Philip Green blamed for the collapse of BHS, according to a joint parliamentary committee.

MPs say the billionaire's greed - and disregard for corporate governance - led to the demise of the high street chain...

And the loss of 11-thousand jobs.

Reuters UK retail correspondent James Davey says the report is a devastating critique.

James Davey, Reuters UK Retail Correspondent, said: "The committee found that one man is responsible for the demise of BHS and that was Sir Philip Green. It found that he failed to invest in BHS efficiently, allowed pension deficit to balloon, and took out hundreds of millions of pounds - moneys that went direct to his family."

Retail tycoon Green owned BHS for 15 years.

He sold the loss-making chain for ONE pound in 2015 - to Dominic Chappell - a serial bankrupt with no retail experience.

MPs concluding it was destined to go under, with a 571-million-pound hole in its pension fund.

Green promised to fix the pension mess last month.

But he's yet to reach a deal with the pensions regulator, or comment on Monday's report.

The report, though, likely to fuel Theresa May's vow to crack down on corporate mis-behaviour.

And ramp up the pressure to revoke Green's knighthood.

It was awarded in 2006 for services to retail.

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