Lady Tina Green, the wife of retail tycoon Sir Philip Green, has been asked by MPs to answer questions on the collapse of department store chain BHS.
Tina and Sir Green own Arcadia the operetor of the British high street empire which includes Top Shop, Dorothy Perkins, Wallis, Miss Selfridge and Burton.
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Two select committees — work and pensions, and business and innovation — have written to Sir Philip asking him to appear. Last night the committees said they also intended to invite Lady Green.
In 2000 Sir Philip Green bought BHS for £200 million.
Three years later, His wife, Lady Tina Green scored nice income, a £40 million dividend. Two years after, in 2005, she got herself £1.2 billion, the biggest pay cheque in British corporate history. According to Mirror, this sum was a repaid loan which was four times the company’s profits for that year.
The Mirror added Tina got the cash because she owns 92 percent of Arcadia shares through a company registered in Jersey called Taveta Investments.
While Sir Philip is registered for tax purposes in the UK, his wife is registered in Monaco.
In 2015 Sir Philip sold BHS, saying: “The business is handed over in a sound financial position with significant cash balances and banking facilities in place.”
The firm and its 164 stores were sold for just £1 to Retail Acquisitions, a consortium led by Dominic Chappell. It went into administration on Mon¬day, putting 11, 000 jobs at risk and leaving a £571 million pension black hole. Chappell has also been summoned.
according to the BBC, Chappell has been reported to have drawn as much as £25 million out of the business this year. BHS has debts of up to £1.3 billion, and retail experts fear that it might not be salvageable.