- Oct 28, 2007
- Reaction score
- Political Leaning
MPs' three-month inquiry, which interviewed dozens of executives, found that a "large proportion of those who have got rich or richer off the back of BHS are to blame" for its collapse.
"Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable," the report found.
US bank Goldman Sachs, UK law firm Olswang and accountancy firm Grant Thornton were also criticised for their roles in the sale of BHS to Mr Chappell in March 2015.
Mr Chappell, meanwhile, was branded "out of his depth" and "over-optimistic to the point of arrogance", while also taking out "lavish" rewards from the company.
"The tragedy is that those who have lost out are the ordinary employees and pensioners," the report said. "This is the unacceptable face of capitalism." Link.
At one time, Philip Green was the go-to guy for saving British retailing but now it seems for around 20,000+ employees with pensions to pay out, Green among others may have had their hands in the till.
I heard one report this morning talking of payments into his wife's account to avoid tax and a payment of £28 million to Christina Green during their last year at BHS. At the very least, he needs his knighthood removed. At most, he needs to be thoroughly investigated and that BHS pension pot (among other things) made good.
Damning report out today by Parliamentary committee