Antitrust
MPs ask Philip Green to 'prove' #BHS was going concern
A British parliamentary committee has asked billionaire Philip Green to “prove” why he thought retailer BHS could stay in business before it was sold in 2015 for a token one pound, before collapsing a year later, writes Huw Jones.
The request from Frank Field, chair of parliament’s work and pensions committee, follows the publication earlier on Wednesday of documents from the Financial Reporting Council detailing why the accounting regulator fined PwC over its audit of BHS, then part of Taveta Group, owned by Green’s family.
PwC had said BHS was a “going concern” despite several signs that the business was struggling, the FRC said.
“I would therefore like to invite Taveta to publish your going concern assessment to prove that there was indeed a suitable case for presenting BHS as a going concern,” Field said in a letter dated 15 August and made available to the press.
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