Green sold BHS last year to a twice bankrupt. Now it turns out the pension fund for 20,000 staff is a staggering £570m in the red. During the Green's tenure, Philip's wife Lady Tina received £414m in dividends to tax haven Monaco. Such a sum could have been alternatively reinvested in the business (would BHS be struggling if so) or used to pay down the pension deficit.
Now the pension holders face cuts to their entitlements, and the taxpayer will be left to pick up 570 million peices via the Pension Protection Fund unless Green is held to account by the regulator.
It would appear Lady Tina's £414m was, in the end, taxpayer subsidised.
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Sir Philip Green and BHS watch
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Last edited by Fusion; 28-03-2016 at 15:29.
- 28-03-2016 15:27
- 28-03-2016 15:30
- 28-03-2016 15:32
who on earth actually needs £414 million ?