And Senator Ian Gorst added that it was the UK regulatory climate which failed the high street giant, not Jersey’s, as an MP-led investigation into the fall of the chain continues.
This week BHS owner Sir Philip Green was described as ‘the ugly face of capitalism’ for his role in its downfall. MPs investigating the affair have criticised him and his wife Tina for receiving £400 million in dividends over the years while a £571 million hole developed in the company’s pension fund.
During the investigation it also emerged that the BHS corporate structure included companies based in Jersey and Monaco and UK Prime Minister Theresa May said this week that she would order a crackdown on offshore finance centres, which have come under scrutiny for their role in the affair, but Senator Gorst said that Jersey can often be unfairly associated with controversy because while corporate structures are set up in the Island, the decision-making process often takes place elsewhere.
Jersey’s BHS store is due to close by 20 August, with the loss of 60 jobs.
