Image: Financial TimesSir Philip Green has been labelled the "unacceptable face of capitalism" by MPs after he effectively left BHS on "life support".
While the retailer continued to struggle with its massive £571 million pension deficit, the report by Business, Innovation and Skills and Work and Pensions committees accuses Sir Philip of taking huge sums of money out of the business and 'getting rich'.
Some of Green's biggest critics have called on him to repay the pensions deficit, having earned a reported £400m from the business. And last month, he told MPs that he was willing to contribute towards it - but refused to say how much.
Having already outlined her plans to tackle irresponsibility among corporate companies, Prime Minister Theresa May's spokesperson said there was a need to "reform capitalism to make sure it works for everyone not just the privileged few".
MP Frank Field, co-chair of the inquiry, said: "One person, and one person alone is ultimately responsible for the BHS disaster."
Speaking to the BBC, Mr Field again called for Sir Philip to be stripped of his knighthood, describing him as the "the Napoleon figure who orchestrated all this". Over the weekend, the Cabinet Office said the awarding of his knighthood was being kept "under review".
"By 2014, BHS was left on life support, having drawn on all its accumulated reserves and more as a result of large dividends and heavy losses," the MPs found.
"Sir Philip owes it to the BHS pensioners to find a resolution urgently. We still do not doubt that Sir Philip has heartfelt affection for BHS. To an extent it created him; it could also bring him down."
'Over optimistic to the point of arrogance'
The report added that the "large proportion of those who have got rich or richer off the back of BHS are to blame.
"Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable."
Dominic Chappell is the man who led BHS after his company, Retail Acquisitions, bought the retailer. But he also come under intense criticism in the report. He was described as "out of his depth", "over-optimistic to the point of arrogance" and accused of taking "lavish" rewards out of BHS.
The tragedy is that those who have lost out are the ordinary employees and pensioners," the report said. "This is the unacceptable face of capitalism."
"The reputation of business, the engine of prosperity, has been damaged, to the dismay of responsible investors, owners and business leaders."
