Will Philip Green be stripped of his assets to fund BHS deficit?
For Sir Philip Green, it is the story that just won't go away. First the threat of losing his title, now his assets are under scrutiny.
According to the BBC, the investigative committee proving the BHS collapse have asked the Pensions Regulator whether assets can be seized from the former owner.
In a published letter to Lesley Titcomb, MP Frank Field asks whether the pensions hole could be plugged by "acquiring assets other than cash" from Sir Philip.
Sir Philip's assets could well fill the BHS pension gap
Sir Philip's assets include multiple properties and yachts, which would make a big dent in the 350 million pounds the regulator is hoping to acquire.
As has been well documented, the deficits total a near 600 million pounds. Billionaire Green is thought to have offered between 250 and 300 million pounds to cover his gross lack of responsibility when he sold the chain for just 1pound. The regulator, however, is looking for 350 million pounds.
The letter, publicly released by Mr Field, asks for clarification on several points, including whether it is possible to go after the assets held by Sir Philip, his companies, and Mr Chappell.
Green responded to the Pensions Regulator’s probe on November 3, by saying: “I have provided the Regulator with what I believe to be a credible and substantial proposal, with evidence and bank confirmation of cash availability, which would prevent the scheme from entering the Pension Protection Fund. This is in order to achieve a better outcome for the BHS pensioners.
Calls for Sir Philip to be stripped of his knighthood will be decided by the Honours Forfeiture Committee.
Photo credit: Facebook Sir Philip Green, BHS logo