Belfast Telegraph

Sir Philip hits out at 'bizarre' parliamentary report

By Ravender Sembhy

Sir Philip Green has hit back at a parliamentary inquiry criticising his role in the collapse of BHS, calling an MPs' report on the retailer's demise "bizarre" and "unsupportable".

A review carried out by the tycoon's lawyers criticised the report, which holds Sir Philip responsible for leaving BHS with a £571m pension deficit, taking around £400m in dividends from the firm and for selling the business to serial bankrupt Dominic Chappell for £1.

It read: "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."

Belfast Telegraph