LONDON — Sir Philip Green plans to keep his word and give evidence at a British parliamentary hearing about the collapse of his former retailer BHS and the gap in its pension fund.
Late Friday, Green had written a second letter to the British MP Frank Field, chairman of the joint committee that’s carrying out the hearing. Green has accused Field of using his position as chair of the Work and Pensions Committee to destroy his reputation.
Green said Field has a bias against him “and lack of any interest in a fair process.” He has also asked that Field, who has repeatedly made disparaging comments about Green in the press, to resign immediately from the inquiry.
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Over the weekend, the British media was abuzz with speculation about what might happen if Green decided not to show up at Westminster on Wednesday, and whether he would be held in contempt of parliament.
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On Tuesday, Green said: “I am disappointed not to have had a reply to either of my letters sent to Mr. Field. I did not think or believe that those conducting a parliamentary process would or should express concluded views in such a public way before I have had the chance to appear before the committee.”
Green added that after much thought, he has decided he will attend and give evidence Wednesday morning, “hoping and trusting” that the committee will give him a fair hearing.
“This will be the first and only opportunity I have had to tell my side of the very sad BHS story and I will do my best to answer all the questions put to me in an honest and open way,” Green said.
The committee is investigating the failure of BHS, the retailer Green sold for one pound, or $1.50, last year. It is also looking into a 571 million pound, or $822 million, hole in the BHS pension fund.
The committee has already heard from a variety of witnesses, including Green’s colleagues at his Arcadia Group; the owner of BHS, Dominic Chappell, and the retailer’s top management.
Up to 11,000 jobs will be lost as a result of the collapse and subsequent wind-down of the company.
The parliamentary probe is one of five investigations into the collapse of BHS and the hole in its pension fund.
Earlier this month, BHS administrators said they were unable to find a buyer for the business, and as a result would begin shutting it down.
“Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company,” they said. “The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing.”