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MPs ‘none the wiser’ on Lady Green’s offshore interests

Frank Field, chairman of the work and pensions select committee, said he is “not much closer to understanding the complex web of offshore Green companies” in response to Lady Green’s evidence submitted as part of the BHS inquiry published today.

MPs asked Arcadia boss Sir Philip Green’s wife to outline the companies that make up the Green family empire and the ownership structure.

She detailed the directors and shareholders, as well as where each company is registered and why for companies including Carmen Properties, Mildenhall Holdings, Wilton Equity, Global Textiles Investments and Keralan International, Taveta Investments and Tacomer.

But Field, who is leading the joint select committee hearing alongside Iain Wright, chairman of the business, innovation and skills select committee, seemed unsatisfied with her response.

“I am not much closer to understanding the complex web of offshore Green companies but I am intrigued to learn that, while the attraction of Monaco is its fine schools, the British Virgin Islands and Jersey are favoured for their robust regulatory regimes,” he said.

“What is clear, however, is that Lady Green was paid £28m offshore in the latest accounting year, for the acquisition of BHS by Taveta.”

The select committee hearings were due to continue tomorrow with a rescheduled hearing from the Pensions Regulator but the joint committees said they will now take written evidence instead.

There are no more evidence sessions scheduled but they do expect to publish further written evidence before the report, which is expected to be complete before the parliamentary recess later this month.

 

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