(MENAFN- AFP) British MPs branded a billionaire tycoon the "unacceptable face of capitalism" in a report on Monday about the collapse of department store chain BHS which caused the loss of 11,000 jobs.
The lawmakers also called on former boss Philip Green to address "urgently" the shortfalls in a pension fund of 20,000 former employees.
"The tragedy is that those who have lost out are the ordinary employees and pensioners. This is the unacceptable face of capitalism," read the unusually scathing parliamentary report.
Green "owes it to the BHS pensioners to find a solution urgently. This will undoubtedly require him to make a large financial contribution. He has a moral duty to act," it said.
BHS, which sold clothing and homeware, failed to keep pace with traditional rivals such as Marks & Spencer and online giants like Amazon, resulting in a major loss of market share.
The 88-year-old company had 163 stores and 74 franchise operations across 18 countries.
When it collapsed last month, BHS had debts totalling more than £1.3 billion (1.6 billion euros, $1.7 billion), including a £571-million deficit to its pension fund.
Frank Field, chairman of parliament's work and pensions committee, said of Green: "His reputation as the king of retail lies in the ruins of BHS. His family took out of BHS... a fortune beyond the dreams of avarice.
"What kind of man is it who can count his fortune in billions but does not know what decent behaviour is" he said.
Green bought BHS in 2000 for £200 million and sold it in 2015 for £1 to Dominic Chappell, a former bankrupt businessman with no retail experience.
The government is currently reviewing Green's knighthood and the report is expected to boost calls for the honour to be revoked.
A government spokesman said the case showed the need "to tackle corporate irresponsibility and reform capitalism so it works for everyone".
Prime Minister Theresa May has said she wants to be tough on "irresponsible behaviour in big business" including through the introduction of binding shareholder votes on corporate pay and worker representation on company boards.
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