Wednesday, February 20, 2019

London’s most senior Goldman Sachs figure to appear at BHS inquiry


Goldman Sachs‘ most senior London director will appear at the inquiry into the collapse of BHS on Wednesday, where he could be forced to provide evidence against major business client Sir Philip Green.

Michael Sherwood, regarded as one of London‘s most powerful bankers, is expected to defend his bank‘s actions over the collapse of the former British high street giant and its former CEO.

The news comes after Mr Sherwood initially declined to appear before the committee of MPs of the ongoing inquiry, and evidence provided could go against Sir Philip‘s testimony earlier this month.

Goldman Sachs reportedly declined to handle the sale of BHS to the former bankrupt Dominic Chappell, but did offer some advice.

Sir Philip has said if Goldman Sachs had warned him not to, “we one million per cent would not have done business” with Mr Chappell.

However, the circumstances of what sort of advice and to what extent Goldman Sachs provided it – and if the bank had a duty of care to BHS‘s 11,000 staff – are expected to be the main focus at the inquiry this week.

It is widely known that Mr Sherwood and Sir Philip are friends, with the retail tycoon being one of Mr Sherwood‘s top clients for about 15 years. Sir Philip‘s personal fortune, thought to be around £4b, is overseen by Goldman Sachs.

Brett Palos, Sir Philip‘s stepson and a director at the Green family‘s Arcadia Group retail empire, will also appear at the inquiry on Wednesday.