The latest in the BHS saga
Retail billionaire Sir Philip Green has blasted MPs who have blamed him for the collapse of BHS.
Green called a report by MP into the failure of the retailer it “bizarre” and riddled with “serious factual errors”.
The news comes after a review carried out by Green’s lawyers, Lord Pannick QC and Michael Todd QC, criticised the report’s findings, which pointed fingers at Green for BHS’ £571m pension deficit and taking about £400m in dividends from the retailer.
The lawyers said: “These dividends were lawful and were paid at a time when the BHS pension schemes were in surplus. BHS was not sold until 10 years later. The law does not prevent a company from paying dividends because of a risk that the company might become insolvent many years later.
“The main causes of the pension deficit were the increasing longevity of pensioners and the global financial crisis in 2008.”
On BHS’s sale to serial bankrupt Dominic Chappell for £1,Green’s holding company, Taveta Investments, said: “There was nothing unlawful, improper or even unusual about Taveta and Sir Philip Green’s decision to assist Dominic Chappell and Retail Acquisitions Limited in the purchase of BHS. The select committees’ criticism in this regard is bizarre.”