Arcadia boss Sir Philip Green has agreed to give evidence to parliament on his sale of BHS to Retail Acquisitions for £1 last March, as the work and pensions committee offers to help the Serious Fraud Office to “shed light” on the retailer’s collapse into administration.
The date has been provisionally set for June 15. Frank Field, chair of the work and pensions committee, has said there are no plans to invite Lady Green to give evidence too as he believes “[Sir Philip] will be able to answer all of our questions on the operation of BHS’s pension fund”.
The work and pensions committee said it will hear from the Pensions Regulator and the Pension Protection Fund on May 9, and intends to speak to the BHS pension trustees and Retail Acquisitions owner Dominic Chappell in advance of the Green hearing.
Iain Wright, chair of the business, innovation and skills committee said: “The sale and acquisition of BHS raises serious questions about the stewardship of the business both before, during, and after the sale. We welcome this opportunity to question the key players and we will also be keen to quiz advisers on their role in this process.”
Meanwhile Field told the Serious Fraud Office and Insolvency Service that the select committee wants to help ‘shed light’ on the retailer’s collapse.
Field, told the SFO boss, David Green, that MPs wanted to “shed light on what has happened to BHS and identify any regulatory, supervisory or legislative deficiencies” with regard to pensions, according to The Guardian.
He asked the SFO if there were any concerns about MPs’ activity and if they might hinder “any future criminal prosecutions”. The SFO is understood to be conducting preliminary inquiries into Retail Acquisitions.