Retail business man Sir Philip Green has been named in Parliament for sexual harassment of staff (Photo by Jessica Hromas/Getty Images)
Retail business man Sir Philip Green has been named in Parliament for sexual harassment of staff (Photo by Jessica Hromas/Getty Images)

Topshop's Philip Green named over harassment allegations



British billionaire Sir Philip Green has been named as the man at the centre of a gagging order of harassment claims uncovered by a newspaper.

The billionaire was named in the House of Lords by Peter Hain, who made use of parliament’s free speech guarantee known as parliamentary privilege. The guarantee exempts anything said in Parliament from legal action.

Sir Philip had obtained a temporary court order, known as a super-injunction, to stop the Daily Telegraph from printing allegations ranging from sexual harassment and racial abuse. Five alleged victims said they were forced to sign non-disclosure agreements (NDAs) to prevent them from going to the media.

The newspaper had spent eight months investigating allegations of sexual harassment, bullying and racial abuse against the retail magnate, and ran an article against the then unnamed businessman on Tuesday. Its is claimed Sir Philip spent more than £500,000 on legal fees to acquire the gagging order.

Mr Hain said, “I feel it's my duty under parliamentary privilege to name Philip Green as the individual in question, given that the media have been subject to an injunction preventing publication of the full details of a story which is clearly in the public interest."

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Read more:

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He added that Sir Philip had made use of NDA’s "to conceal the truth about serious and repeated sexual harassment, racist abuse and bullying".

Sir Philip was knighted in 2006, and is believed to have a net worth of almost $5 billion. In 2016, there were calls to strip him of the honour after one of Britain’s largest retail chains – BHS – went bankrupt barely a year after he sold the company.

Critics say the retail magnate, who also owns Topshop, Topman and Miss Selfridge, had stripped the retail chain of its assets at the expense of shareholders for personal profit.

In a statement issued on Thursday, Sir Philip said: "To the extent that it is suggested that I have been guilty of unlawful sexual or racist behaviour, I categorically and wholly deny these allegations."

He said that he and his company, Arcadia, "take accusations and grievances from employees very seriously and in the event that one is raised, it is thoroughly investigated.

"Arcadia employs more than 20,000 people and in common with many large businesses sometimes receives formal complaints from employees.

"In some cases these are settled with the agreement of all parties and their legal advisers. These settlements are confidential so I cannot comment further on them."

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Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Brief scores:

Toss: Northern Warriors, elected to field first

Bengal Tigers 130-1 (10 ov)

Roy 60 not out, Rutherford 47 not out

Northern Warriors 94-7 (10 ov)

Simmons 44; Yamin 4-4

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Name: Kumulus Water
 
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Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

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“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Brief scores:

Day 1

Toss: India, chose to bat

India (1st innings): 215-2 (89 ov)

Agarwal 76, Pujara 68 not out; Cummins 2-40

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What are the influencer academy modules?
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  6. Tourism industry knowledge.
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