The pressure of Sir Philip Green has continued today as the chairman of the Commons Committee that probed BHS’s collapse believes that the retail boss is worse than Robert Maxwell.
Robert Maxwell, siphoned off millions of pounds from the pension scheme at the Mirror Group. After the scam was uncovered, a year later in 1991, he died while out on his yacht and fell into the sea.
Frank Field MP stated that Green held enough money to fill the pensions black hole, but as yet, nothing has been done to ensure the funding needs are met, reports the Evening Standard.
Field also claimed the Sir Philip Green had behaved “ like Napoleon” by “plundering” his companies. Green has not been accused of any criminality, has actions are seen as immoral rather than breaking the law, through his actions.
The report said that BHS’s collapse represented the “unacceptable face of capitalism” and Green had “fatally undermined” the business.
BHS went into administration in April with a pensions deficit of £571 million, a year after it was sold by Sir Philip to Dominic Chappell for £1.
Mr Field told the BBC: “This person, Sir Philip Green, has a huge amount of money. Unlike Robert Maxwell, if he wishes now to make good a pension deficit to those 22,000 pensioners, he could actually do it. But he keeps talking about it, but he doesn’t do it.”
Asked if he thought Green was worse than Maxwell, Field said: “Much worse.”
There are now calls for Sir Philip Green to have his knighthood revoked. John McDonnell, Labour’s Shadow Chancellor, wants Sir Philip to be stripped of his knighthood due to the report’s findings.
McDonnell said: “If Philip Green won’t do the right thing by the members of the BHS pension fund then he should have his knighthood removed. And if he says he can’t afford it then he should sell up his extra yacht.”
The Cabinet Office has previously said Sir Philip’s honour is “under review”.