Market commentator David Buik says Sir Philip Green must go to the parliamentary select committee on Wednesday over the collapse of BHS, or face being "permanently vilified."
MP's are preparing a list of sanctions against Green, as there are fears he may not appear. He said on Friday he wasn't prepared to participate unless MP Frank Field, chair of the work and pensions committee, stepped down.
"There are so many unanswered questions," Panmure Gordon's market commentator Buik told Julia Hartley-Brewer. "If he doesn't want to be permanently vilified for the rest of his life as a business crook, he's got to go.
"If you leave doubt there, that's what people will assume. I don't know why he's reluctant, because I think Frank Field is balanced, even-minded and very sensible."
However Buik does not believe there is any legal evidence against Green.
"On a straightforward legal basis I don't believe Sir Philip Green has done anything wrong, whether you [might] challenge his morals for the ways it's done.
"He'll swear blind that he's done nothing wrong, and I believe legally he hasn’t, but I think his morals are challengeable. He needs to step up to the plate with a very big cheque.
"I think the professional advice given to Sir Philip Green and to Dominic Chappell have been awful at best.
"There’s no way so long as night follows day that Dominic Chappell had the right CV to be able to buy a company that was already floundering.
"What we're all disgusted about is the fact that the trustees for the pension fund have got a hole of £571 million, and the poor 11,000 employees, plus another 9,000 employees who could be the beneficiaries, look like they're going to get catapulted."
Buik looks forward most to hearing the views of businessman and politician Paul Myners. "I'm going to be particularly interested to hear what Sir Paul has got to say about Sir Philip's culture, and his acumen."