Green in new legal battle over BHS

SIR PHILIP GREEN has mounted a legal challenge against the accountancy watchdog over an investigation into the auditing of BHS accounts before the retailer was sold for £1.

An application for a judicial review has been made by Taveta Investments, the company that holds Sir Philip’s retail empire, in a bid to change a report by the Financial Reporting Council (FRC).

The company has also applied for an injunction to stop the FRC from revealing information about the billionaire tycoon’s businesses, according to Sky News. It is understood that a High Court hearing due to be held yesterday was delayed after the watchdog requested more time to put together its case.

It comes after the FRC confirmed on Tuesday that it had taken action in relation to the BHS audit for the year to Aug 30 2014 following a two-year investigation.

Steve Denison, the former PWC partner, was fined £500,000 by the FRC, while the accountancy giant was hit with a £10m penalty.

Both PWC and Mr Denison had their fines reduced, to £6.5m and £325,000 respectively, after settling early and admitting wrongdoing.