The Ignominious Fall of Philip Green

28.07.2016 • Investing

From Moneyweek (Great Britain)-

The verdict of two House of Commons select committees into the sale of BHS in May 2015 by its former owner Sir Philip Green, and its subsequent collapse, was published this week – and it could hardly have been more damning. Green is not accused of any criminal wrongdoing; indeed, he has threatened to sue one of the committee chairmen, Frank Field, for claiming in a radio interview that Green had stolen from the BHS pension scheme and was worse than Robert Maxwell. However, the billionaire retailer is accused of appalling judgement and excessive greed in allowing a vast pension deficit to build up on his watch, taking hundreds of millions out of the business in dividends, and then selling BHS for £1 (while writing off a £215m debt owed to the Arcadia group by BHS) to an inept chancer with a history of bankruptcy and no retail experience…

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