By Luke Tugby2019-07-08T06:30:00
Sir Philip Green’s overseas assets could be plundered by The Pensions Regulator as it bids to secure payments promised to the Arcadia pension scheme.
Green and his wife Lady Tina Green have vowed to provide a £100m cash payment into the fashion group’s pension black hole, in addition to £75m over three years from Arcadia Group coffers.
The promises were made as Green sought to placate creditors ahead of Arcadia’s company voluntary arrangement (CVA). The plan to slash rents and shutter a number of stores was voted through by creditors, despite a revolt from a number of landlords, including Intu.
However, the proposals are subject to final approval on Wednesday, according to the Commons work and pensions select committee.
The committee’s chair, Frank Field, told The Press Association Green should “stump up” the necessary amount “from his family coffers”.
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