City law firm brought in to look into former BHS directors
City law firm Jones Day has been appointed to look into the conduct of the former directors of BHS.
According to Sky News, the firm has been hired by FRP Advisory – the second administrator drafted in to handle BHS.
Read more: Here's how much Sir Philip Green's BHS pension bill has risen due to Brexit
FRP Advisory was brought in at the request of the Pension Protection Fund to share the workload in the BHS administration due to concerns that Duff & Phelps, previously the only administrator involved, was not independent enough.
The second administrator will be looking into the property deals that took place between the different parts of the "complex web" of companies set up by Sir Philip Green, City PM has learned.
Jones Day would be helping FRP Advisory with this work, looking at the transactions that took place before Green sold BHS for £1 to former bankrupt Dominic Chappell.
Read more: How to holiday like Philip Green – the route his yacht has taken this summer
Meanwhile, Green is working with Deloitte and Linklaters to come up with a solution to the BHS pension crisis
It is not known how long talks between The Pensions Regulator (TPR) and Green will take, as a deal of this kind has never happened before. TPR would have to be satisfied that any sum of money offered by Green would provide a lasting solution for the BHS pension scheme.
As the talks have been ongoing, however, Green's BHS pension bill has grown due to Brexit.