LIVE: Mike Ashley is finally speaking to MPs

Sports Direct owner and vice-chairman Mike Ashley has admitted that the company was effectively paying workers less than minimum wage because of lengthy compulsory searches at the "specific time" a Guardian investigation made the allegations, but insists that he believes that issue has now been addressed.

He also says that some things he has discovered during a review into the company's working practices have come as "a bit of an unpleasant surprise" and that the review will never be completed, as it is an "ongoing process." Ashley first announced a review into Sports Direct's working practices in December 2015.

Ashley is speaking in front of the House of Commons' Business, Innovation and Skills Committee to discuss the company's working practices almost six months after a Guardian investigation first shed light on them.

In the hearing, which began at 10:00 a.m. BST (5:00 a.m. ET) union bosses have already made a series of shocking allegations, including that Sports Direct has a "contempt for human rights" and that one agency worker was so scared to miss work at the company's Shirebrook facility that she ended up giving birth in a warehouse toilet.

Ahead of the hearing, Ashley admitted for the first time that there are issues with Sports Direct's search policies and working conditions in a letter sent to Sports Direct's 27,000 staff and reported by the Daily Telegraph on Monday night.

The letter also revealed that Sports Direct CEO Dave Forsey will not be taking his 4-year share bonus, worth as much as £4 million ($5.8 million). The Telegraph suggests the leaking of the letter is an "olive branch to MPs" ahead of today's hearing.

Ashley's appearance is a rare chance to see one of Britain's most elusive billionaires in the flesh. He is well known for his dislike of making appearances in the press and very rarely gives interviews. In March, he spoke to Sky News in a rare broadcast appearance, taking the opportunity to call MPs a "joke" for their approach to the inquiry.

Ashley for a long time refused to appear before the House of Commons Business, Innovation, and Skills Select Committee hearing but on Monday reversed an earlier decision not to appear, saying he wanted to "defend the good name" of his retail empire and avoid a "lengthy legal battle." The fight over whether or not Ashley would appear raged on for months, and towards the end became increasingly acrimonious.

Ashley initially invited MPs to visit Sports Direct's warehouse facility in Shirebrook, Derbyshire, suggesting he did not think there were any problems. MPs refused the invitation, despite being offered a ride in Ashley's helicopter to get there.