Lord Myners used parliamentary privilege to raise questions on the finances of BHS and Sir Philip Green yesterday. According to the FT he said:
There are clearly issues here of potential fraudulent preference, of creditor preference, and of misappropriation of corporate assets under the direction of the directors of the company. These things must be investigated properly, openly and transparently.
HMRC must look into the ownership structure and how it managed to convince itself that these businesses are owned by Lady Green in tax-free Monte Carlo, but run by her husband” from the UK, where he is subject to tax but receives little income.
I would add and do not need privilege to do so because they are aimed at regulators, that why is it that we cannot see the accounts of Jersey companies and why is it that IFRS 8 removes the need to report related party transactions in a group? Both moves, happily endorsed by accountants time and again, make public investigation of this case very difficult.
And PWC still have a great many questions to answer as well.
Some answers would be useful now.