The Topshop and Dorothy Perkins retail tycoon was named by Labour peer Lord Peter Hain on Thursday (25 October) in a parliament meeting, just one day after a Telegraph's report which detailed how a "British businessman" had been granted an injunction to prevent the paper from revealing the allegations.
The paper also reported he had made "substantial payments" as part of non-disclosure agreements (NDA) with five people.
Hours after the news broke Thursday (25 October) Green released a statement saying he was not commenting on anything "that has happened in court or was said in parliament today."
"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 added.
"Arcadia and I 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."
Hain said it was his "duty" under parliamentary privilege to reveal Green's identity given the "serious and repeated nature" of the allegations.
Hain said Green had used NDAs and financial incentives "to conceal the truth about serious and repeated sexual harassment, racist abuse and bullying which is compulsively continuing".
The Telegraph was legally prevented from naming Green after Court of Appeal judges granted a temporary injunction. This was awarded to prevent "confidential information" being printed about the reported five people making allegations about Green's behaviour.
While this legal bar has not been lifted, Hain's statement has now been widely reported by UK media outlets.
This story is developing and further coverage will follow.
Green's professional profile has taken a hit in recent years.
His decision to sell the then Arcadia-owned British retailer BHS to bankrupt Dominic Chappell for £1 in 2015 ultimately led to the collapse of the business and the loss of 12,000 jobs.
The move also left a £571m hole in BHS's pension scheme which is understood to have affected around 22,000 pensions.
Green was eventually questioned by MPs in parliament over his role in the firm's collapse.