Former British retail chain head dubbed the unacceptable face of capitalism

BHS had applied for Bankruptcy Protection in April 2016, after 88 years of glorious operation.

The closure of business not only culminated in the job loss of 11,000 employees but it was also found that the company’s pension fund was poorer by 571 million pound.

As reported by Globe and Mail Toronto, the chairman of the investigating committee, Labour MP Frank Field, while releasing the 66 page report said, "What kind of man is it, who can count his fortune in billions but does not know what decent behaviour is?”

“Sir Philip is the unacceptable face of capitalism,” remarked Field.

The committee is looking into the role of Goldman Sachs in the deal, when Sir Philip sold the company to former racing car driver Dominic Campbell, who not only lacked any prior experience to run a retail business but also had a history of bankruptcy.

Meanwhile, British Prime Minister Theresa May has indicated that she will use the findings to tackle 'corporate irresponsibility'.

The report is a stunning revelation of the downfall of Sir Philip Green who rose from a working class background in London to run a retail empire that stretched across 35 countries and employed 45 thousand people.

According to the committee’s report, BHS paid 423 million pound in dividends, from 2002 to 2004, with most of it being transferred to his myriad holding companies based in offshore tax havens and headed by his wife, Tina.

It has been alleged that the money went to finance his yacht, private jet, and luxury homes in London and Monaco.

He reportedly spent 5 million pounds to celebrate his 50th birthday at a toga party in a resort in Cyprus, which was attended by performing celebrities such as Eric Clapton, Rod Stewart and Tom Jones.

It has also been alleged that using his good relation with the then UK Prime Minister Tony Blair, he managed to earn a knighthood in 2006.

The findings have prompted an outcry to revoke Green’s knighthood and to realise the deficit in the pension fund from Green.

The parliamentary probe committee further observed that while the pension fund was downgraded from surplus to deficit, Philip Green ignored repeated calls to fund the pension and focused more on unloading the company.

Sir Philip has vowed to resolve  the pension issue but was not available for comment on the report as he was in Greece busy sailing his $150000 luxury super Yacht named Lion Heart, according to media reports.