Philip Green agrees to pay £363m into BHS pension fund
Green agrees to pay "up to" £363 million, which is just over half (but only just) of the sum he took in dividends and other payments from BHS before selling the company for £1.
It remains to be seen whether he repays this money or even part of it, now or at some time in the future.
The 19000 BHS pension holders will receive a slightly better deal than they would otherwise have received, the Pension Regulator has now halted enforcement action and the MP's Committee led by Frank Field have grudgingly welcomed the "settlement".
The bottom line of course is that Green has "got away with it" as he looks certain to retain his title (though not in my book) he keeps his yachts, helicopters and fleet of luxury limousines, his luxury apartments and his substantial bank balances. Whether or not all or even some of these assets are in his wife's name is immaterial, not necessarily in law but certainly in equity. The 19,000 BHS pensioners will be marginally better off, the 11,000 people who lost their jobs will probably shake their heads in disbelief while Green and his wife will no doubt pour themselves another glass of Dom Perignon 1934, gaze out from their luxury yacht and laugh all the way back to the bank.
|Green and wife|
Green and his wife have done nothing illegal but if there were any justice and equity in this world of unacceptable capitalism, they would both be staring at the grey painted walls of a prison cell.