Daily Mail

Just got some bad news, ‘Mr’ Shifty?

Tycoon spotted in tax haven of Monaco

- By James Salmon and Daniel Martin

SIR Philip Green has avoided a promised meeting with the Pensions Regulator and headed to the tax haven of Monaco.

The tycoon, who faces losing his knighthood after a mauling from MPs, was spotted at a restaurant there in his gym clothes yesterday.

Branded a ‘ billionair­e spiv’ in the Commons, ‘Sir Shifty’ appeared busy taking calls on his mobile, but the pensions watchdog confirmed last night it had not received a ‘credible’ offer from him to rescue the BHS pension scheme.

MPs have suggested that plugging the black hole in the BHS pension is Sir Philip’s only hope of clinging to his knighthood after an unpreceden­ted Commons vote on Thursday to remove his honour.

Sources close to the tycoon indicated he had planned to meet the Pensions Regulator before the weekend to secure a deal to protect 22,000 scheme members from cuts to their retirement income.

But last night the watchdog confirmed there had been little progress. A spokesman said it remains in ‘ ongoing discussion­s’ with Sir Philip and his advisers.

Sir Philip and his family take advantage of their fortune to enjoy the Mediterran­ean sun regularly. Over the summer, as the crisis over BHS unfolded and 11,000 staff lost their jobs, they were seen swanning round resorts and marinas in their new £100million yacht Lionheart.

‘Another stalled promise’

Frank Field, chairman of the Work and Pensions committee, said: ‘This is yet another stalled promise to sort out this mess.

‘When I spoke to the regulator this week there were no concrete proposals on the table, no sheet of paper being offered, and no sight and sound of Sir Philip.’

The revelation came as Theresa May was urged by Lord Kerslake, former head of the Civil Service, to refer Sir Philip’s knighthood to the secretive Honours Forfeiture Committee after the Commons vote.

A Commons joint committee report in June accused Sir Philip of ‘systematic plunder’ of BHS by extracting £400million in dividends before leaving it on ‘life support’.

The tycoon sold the retailer for £1 to a three-times bankrupt with no retail experience, Dominic Chappell. The firm collapsed in April.

A statement from the board of Sir Philip’s holding company Taveta Investment­s said: ‘There are serious and extensive efforts continuing with the Pensions Regulator to find a pensions solution.’

 ??  ?? Under pressure: Philip Green in Monaco yesterday
Under pressure: Philip Green in Monaco yesterday
 ??  ?? Hasty retreat: Sir Philip takes a call in Monaco yesterday
Hasty retreat: Sir Philip takes a call in Monaco yesterday

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