The recent history of failed department story BHS represents the “unacceptable face of capitalism”, according to a damning report by MPs. Sir Philip Green’s disastrous sale of the chain was the culmination of “greed” and failures of corporate governance, sealing its fate before it was sold to the “incompetent and self-serving” Dominic Chappell and his colleagues, two Commons committees said today. Green, Chappell and senior colleagues became richer through the “systematic plunder” of the shop’s assets and are all culpable for the failures, while workers in the firm have now lost their jobs or their pensions, according to MPs on the Work and Pensions and Business, Innovations and Skills committees. Green failed to invest in the company while stripping it of “hundred of millions” for his own benefit which weakened the company “to the point of inevitable collapse”, the committees’ report finds. He gained immense wealth from the company while starving the chain of investment and support.
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