ASIAN SUNDAY 27
Issue 22
Finance Business Secretary instructs Insolvency Service to investigate BHS by ITRAT BASHIR Business Secretary Sajid Javid has ordered an immediate investigation into the circumstances surrounding British Home Stores (BHS) going into administration. The Secretary has instructed the Insolvency Service to fast-track its investigation, which will also specifically consider the extent to which the conduct of the directors of BHS led to its insolvency, said a department’s spokesperson. He also asked that the investigation look at not only the conduct of the directors at the point of its insolvency, but also of any individuals who were previously directors and whether their actions may have caused detriment to its creditors, this includes detriment to any employees who are owed money. They will also look at the pension protection fund. Sajid Javid said that he has asked the Insolvency Service to bring forward its investigation rather than wait three months for the administrators to report before launching their inquiry. “This investigation will look at the conduct of the directors at the time of insolvency and any individuals who were previously directors. Any issues of misconduct will be taken very seriously,” he added. According to the spokesperson, the Insolvency Service would normally
UK to assist Pakistan immigration authorities by ITRAT BASHIR
relationship a notch higher by enhancing mutual cooperation in all possible areas in order to further tap the existing potential for cooperation between the two countries.
wait for the conclusion of the administrator’s final report before commencing any investigation into a company entering administration. However, given the unique circumstances surrounding the BHS case, the Business Secretary has instructed the Insolvency Service to commence the investigation as soon as possible. “Should the investigation conclude that one or more present or former directors have been involved in any misconduct, an application may be made to a court to ask that they be disqualified from acting as a director for a period between two and 15 years depending on the nature of their misconduct,” he added. He also said that where conduct for which a person was disqualified took place subsequent to October 1, 2015, and caused a loss to creditors, an application could also be made to a court for an order that compensation be made for losses incurred. Last week the UK’s leading retail store filed for administration after it failed to secure finances to overcome the losses. It is estimated that the stores’ debt stands around £1.3 billion, which include a pension’s deficit of £571 million. In 2000, the BHS was bought by billionaire Sir Philip Green for £200 million, which he later sold for just £1. The BHS crisis has put the jobs of 11,000 people at stake, who work in 164 branches of BHS across the UK.
In response, the British Home Secretary underlined the importance of regular exchange of views on security cooperation and other areas. Nisar Khan remarked that such high level visits provide momentum to the efforts aimed at further strengthening bilateral relations and enhancing mutual cooperation. Home Secretary Theresa May has said that the UK may soon send its team to Pakistan to assist the Pakistani immigration authorities in formulating a more effective mechanism to check illegal migrations from the country. She expressed these views during a meeting with Pakistani Interior Minister Chaudhary Nisar Ali Khan who was in the UK on an official visit. The two leaders discussed a host of issues ranging from cooperation in counter-terrorism, illegal immigration, organized crimes, counter narcotics, money laundering, the Dr. Imran Farooq murder case and other issues of mutual interest. Discussing the issue of illegal immigration, the Interior Minister while highlighting various measures taken recently against illegal human trafficking, observed that Pakistan acknowledges the concerns of European countries regarding illegal migrations and is following zerotolerance policy in this regard and considers it an inhuman exploitation of deprived and poor tiers of the Pakistani society by the human trafficking mafia. The British Home Secretary appreciated various efforts being made by the Government of Pakistan, especially the policy followed vis-à-vis returnees from UK. Expressing satisfaction over the state of Pak-UK bilateral relations, the Interior Minister underscored the need for taking the bilateral
At the outset, the Home Secretary expressed her condolences over the loss of precious lives as a result of terrorist attack in Lahore. She also appreciated Pakistan’s efforts in fight against terrorism and assured Britain’s support to Pakistan in this regard. Recalling the law and order situation back in 2013, the Interior Minister told her counterpart that as a result of continuous efforts by our armed forces and law enforcement agencies, the security situation has significantly improved. The government remains fully committed to denying space to these desperate elements to target innocent citizens and further their ulterior terrorist agenda. Discussing measures to further increase cooperation in counterterrorism, it was agreed that a joint team comprising of British counterterrorism experts, NACTA and officials from the Pakistani Ministry of Interior would be constituted and the UK would help in further strengthening of Joint Intelligence Directorate by sharing of expertise and knowledge.
On the issue of organized crimes, the Interior Minister said that Pakistan looks towards UK for greater cooperation in dealing with organized crimes and fighting the menace of drug trafficking in the region. “Lack of agreement or treaty on extradition between the two countries will not in any way deter Pakistan from cooperating with the UK in targeting and rooting out every form of international crimes,” he added. The Minister also took up with his British counterpart the issue of visas for students, officials and business community of Pakistan. He said that Pakistanis intending to travel to Britain are facing extreme difficulties and inordinate delays in the acquisition of visas. The businessmen of Pakistan are particularly feeling the brunt of this tightening of visa regime, he pointed out. Theresa May assured the Interior Minister that the Home Department will work with the Pakistan High Commission in London and the Authorities in Islamabad in addressing issues related to visas. Ongoing cooperation between the investigation agencies of the two countries in money laundering cases and the Dr. Imran Farooq murder case also came under discussion. It was agreed that the investigation agencies from the two countries will visit each other’s country to carry forward the investigation in an independent and transparent manner and in line with the respective laws of the two countries.