UNDER-fire businessman Sir Philip Green has agreed to be grilled by two parliamentary committees investigating the controversial collapse of BHS.
Sir Philip has come in for widespread criticism after the 90-year-old high street chain fell into administration just months after the billionaire sold it for just £1, putting 11,000 jobs at risk and leaving a £571 million pension fund deficit. The position was dubbed the "dark side of capitalism".
Labour's Iain Wright, chairman of the Commons business committee, said that Sir Philip would be questioned about the "enormous sums", totalling more than £400 million, which had been taken out of BHS in dividends over a four-year period.
The committee office confirmed Sir Philip had contacted Parliament to confirm he was ready to answer MPs' questions.
The 64-year-old tycoon will appear before a joint hearing of the Business Committee and the Work and Pensions Committee at a date yet to be fixed in mid-June.
Last week, Sir Philip came under a fierce attack from Scottish peer, Lord McFall.
Calling for a review of the 2006 Companies Act, which underpins company law in the UK, the former chairman of the Commons Treasury committee told peers: "In the same week that Philip Green has taken ownership of a £100 million yacht - after milking BHS dry - 11,000 workers in BHS stores have lost their jobs with many suffering the loss of their pension and others supported by the taxpayer through the Pension Protection Fund.
"The establishment of the Pension Protection Fund was not for the benefit of conmen. It was not for the benefit of people who inherited a surplus pension fund and then denuded it and took £500m to £600m out of the company. That is not how fair corporate governance should be practised in the United Kingdom and the Government need to do something about it," he added.
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