Reply to: Sir Philip Green

[saptastic]

Sir PG Yacht renamed.

[AtW]

Are you PGs "right hand man"?

No, but I know that he is rich enough and smart enough to have good accountants/solicitors that made sure his big dividend payment was well above the board.

It was simple really - when company did fantastically well lots of money were abound, so pension fund could not have had issues because the present was rosy and so was the future...

[DimPrawn]

Are you PGs "right hand man"?

Are you suggesting something improper?

[MrMarkyMark]

I am pretty sure it was fully funded AT THE TIME, dividends were taken a very long time ago when company did real well, so all was lovely dovely back then.

Are you PGs "right hand man"?

[AtW]

From an external perspective, BHS underfunded the pension obligations whilst PG took hefty dividends.
Its all legal. But maybe not a great example from a Knight of the Realm. Of course the PG buys a new yacht is the Mail's way of turning it into a story with lots of crap pics.

I am pretty sure it was fully funded AT THE TIME, dividends were taken a very long time ago when company did real well, so all was lovely dovely back then.

[DimPrawn]

Name Names.....

Please don't, I get enough begging letters as it is.

[saptastic]

Most of us here could easily buy a £100 yacht....

There are only a couple of CUK members that could afford £100 million though.

Name Names.....

[WTFH]

That's not a yacht, that's a stinkpot.
Yachts have sails, they glide through the water using wind as their main form of propulsion. They require skill to know how to get them to go the way you want them to, rather than just a heavy hand on the throttle.

[greenlake]

Phils new £100 Yacht

Most of us here could easily buy a £100 yacht....

There are only a couple of CUK members that could afford £100 million though.

[saptastic]

He sold it some time ago, why should not he buy another yacht?

He could have called in liquidators to "relief himself of the duty" anyway.

From an external perspective, BHS underfunded the pension obligations whilst PG took hefty dividends.
Its all legal. But maybe not a great example from a Knight of the Realm.

Of course the PG buys a new yacht is the Mail's way of turning it into a story with lots of crap pics.

[AtW]

He sold it some time ago, why should not he buy another yacht?

He could have called in liquidators to "relief himself of the duty" anyway.

[saptastic]

Phils new £100 Yacht

Phillip Green buys third YACHT despite BHS failing to meet pension commitments | Daily Mail Online

New Yacht for Sir Phil yet...

"During his 15 years in control of BHS, Sir Philip took more than £400 million out of the firm via special dividends paid to his wife Tina, who lives in the tax haven of Monaco. Though perfectly legal, the tax-efficient payments meant that cash which might otherwise have been used to bolster the pension fund or, indeed, to invest more in the firm’s long-term future, was instead funnelled into the family coffers. By then offloading BHS, at a time when it was losing around £85 million a year, Sir Philip was able to relieve himself of the duty (or ‘covenant’) to fulfil commitments to future pensioners who belonged to the by now troubled scheme".

[DimPrawn]

Half a billion pension fund deficit there

Just cancel all the pensions. Sorted.

[AtW]

Philip Green knows BHS is sinking so finds four people who have no history in retail to buy it for a £1.
His ego is too big to see it fail under his stewardship.
Whether the new people have any serious intention to save it.....

Half a billion pension fund deficit there

[saptastic]

Philip Green knows BHS is sinking so finds four people who have no history in retail to buy it for a £1.
His ego is too big to see it fail under his stewardship.
Whether the new people have any serious intention to save it.....