Retail tycoon Sir Philip Green is facing calls to give up his knighthood if he does not pay back dividends received from BHS when he owned the stores chain.
The calls came as the work and pensions select committee confirmed it will investigate how the BHS pension scheme, which has a deficit of £571m, will affect the state-backed Pension Protection Scheme (PPF). Frank Field, the chairman of the committee, said he plans to call Green to face MPs as part of the investigation.
BHS called in administrators on Monday, putting almost 11,000 jobs at risk and the PFF is set to take on the company’s pension scheme. There was further bad news for the retail sector on Tuesday as clothing retailer Austin Reed also collapsed into administration, threatening more than 1,000 jobs.
Green and Dominic Chappell, who bought BHS from the billionaire tycoon for £1 in March 2015, are facing questions about their management of the retailer.
More from the source: Sir Philip Green must repay £400m or lose knighthood, says MP | Business | The Guardian
Would you return £400 mln to keep knighthood or not?
The calls came as the work and pensions select committee confirmed it will investigate how the BHS pension scheme, which has a deficit of £571m, will affect the state-backed Pension Protection Scheme (PPF). Frank Field, the chairman of the committee, said he plans to call Green to face MPs as part of the investigation.
BHS called in administrators on Monday, putting almost 11,000 jobs at risk and the PFF is set to take on the company’s pension scheme. There was further bad news for the retail sector on Tuesday as clothing retailer Austin Reed also collapsed into administration, threatening more than 1,000 jobs.
Green and Dominic Chappell, who bought BHS from the billionaire tycoon for £1 in March 2015, are facing questions about their management of the retailer.
More from the source: Sir Philip Green must repay £400m or lose knighthood, says MP | Business | The Guardian
Would you return £400 mln to keep knighthood or not?
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