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Sir Philip Green summoned to parliament to answer questions about sale of BHS and pensions Philip Green to be questioned by MPs over sale of BHS and pensions
(about 11 hours later)
MPs have written to Sir Philip Green asking him to attend parliament – where he will be questioned by two parliamentary committees at once.MPs have written to Sir Philip Green asking him to attend parliament – where he will be questioned by two parliamentary committees at once.
In a joint letter the Work and Pensions Select Committee and the Business Innovation and Skills Committee both invited the billionaire Arcadia Group boss meet them for “a joint session of both committees”.In a joint letter the Work and Pensions Select Committee and the Business Innovation and Skills Committee both invited the billionaire Arcadia Group boss meet them for “a joint session of both committees”.
The MPs are probing the sale of BHS, which recently went into administration – amid controversy over its pension arrangements.The MPs are probing the sale of BHS, which recently went into administration – amid controversy over its pension arrangements.
On Saturday the Daily Mail newspaper reported that pensions regulators were looking at the details of BHS’s pension fund, which needs £571 million to meet its commitments.On Saturday the Daily Mail newspaper reported that pensions regulators were looking at the details of BHS’s pension fund, which needs £571 million to meet its commitments.
The probe is said to cover whether retirement savings were adequately protected when the firm was sold by Sir Philip for £1 in 2015.The probe is said to cover whether retirement savings were adequately protected when the firm was sold by Sir Philip for £1 in 2015.
MPs’ letter of invitation said: “The Work and Pensions Select Committee wishes to invite you to give oral evidence to its inquiry into the Pensions Protection Fund and The Pensions Regulator.MPs’ letter of invitation said: “The Work and Pensions Select Committee wishes to invite you to give oral evidence to its inquiry into the Pensions Protection Fund and The Pensions Regulator.
“Similarly, the Business, Innovation and Skills Committee wishes to invite you to give oral evidence to its inquiry into the sale and acquisition of BHS.“Similarly, the Business, Innovation and Skills Committee wishes to invite you to give oral evidence to its inquiry into the sale and acquisition of BHS.
“We would be grateful if you could advise of our availability to attend a joint session of both committees in Westminster over the coming weeks.“We would be grateful if you could advise of our availability to attend a joint session of both committees in Westminster over the coming weeks.
“We anticipate putting some written requests for information to you in advance of the meeting and will be in touch separately to those ends.”“We anticipate putting some written requests for information to you in advance of the meeting and will be in touch separately to those ends.”
BHS went into administration on April 25, putting 11,000 jobs at risk and threatening the future of 164 UK stores.BHS went into administration on April 25, putting 11,000 jobs at risk and threatening the future of 164 UK stores.
Administrators are looking to salvage value from the business in talks with suppliers, employees and other parties.Administrators are looking to salvage value from the business in talks with suppliers, employees and other parties.