Saturday, January 22, 2022

Sir Philip Green could lose his yacht to pay for BHS pensions

Sir Philip Green could have his yacht taken away as MPs write to the Pensions Regulator to see if it could be seized in order to pay the BHS pensions deficit.

Frank Field MP, chairman of the government‘s Work and Pensions Committee, has penned a letter to the chief executive of the regulator requesting clarification over whether they had any power to seize physical assets from Green.

The letter, revealed last night, also asks whether companies registered off shore could be perused, according to The Telegraph.

This could potentially mean Green‘s notorious super yacht, recently dubbed the “BHS Destroyer”, could be taken to make up for the missing cash in the BHS pension, along with his wife‘s assets.

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Lady Green is reported to own £2 billion worth of the family-owned retail business and has admitted to being the owner of 10 companies linked to BHS, mostly registered offshore.

Lesley Titcomb, head of the pensions regulator, is due to appear before the committee on this morning to discuss what action can be taken moving forward.

The regulator stated earlier this month it will now take action to force Green to make good on his promise to plug the hole, which with inflation stands at around £700 million effecting 22,000 ex-employees.

Green is reported to have offered £250 million after promising to “sort” the situation. This was denied as it falls short of the £350 needed. 

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