The government should launch an investigation into Sir Philip Greens conduct as a company director if allegations emerge that he failed in his obligations while owning BHS, Sir Vince Cable, the former business secretary, has said.
BHS shareholders led by Green, and the billionaires family, withdrew more than £580m in dividends, rental payments and interest on loans from the failed department store chain before he sold it for £1 in March 2015. It collapsed into administration this week in a move that crystallised a £571m pensions deficit and has put 11,000 jobs at risk across the UK.
The question is whether the dividend payments were disproportionate, Cable…
Read the full article at: http://www.theguardian.com/business/2016/apr/27/philip-green-should-be-investigated-if-bhs-allegations-emerge-says-vince-cable