UK. Ex-BHS owner Dominic Chappell prosecuted by pensions regulator
Dominic Chappell, the former owner of BHS, is to be prosecuted by the pensions watchdog for failing to provide information for an investigation into its sale.
Chappell headed Retail Acquisitions, the company that acquired BHS for £1 from Sir Philip Green in 2015. A year later, it collapsed with the loss of 11,000 jobs and a pension deficit of as much as £571m.
The Pensions Regulator is prosecuting Chappell for failing to comply with three notices for information issued under Section 72 of the Pensions Act 2004. Failure to provide such information without a reasonable excuse is a criminal offence that can result in a fine.
Chappell has been summonsed to appear at Brighton magistrates court on 20 September to face three charges of neglecting or refusing to provide information and documents without a reasonable excuse.
Green owned BHS for 15 years until he sold it to Chappell, a former bankrupt with no retail experience. Retail Acquisitions (RAL) received payments of up to £25m from BHS despite owning the department store chain for just 13 months until it collapsed.
Read full news here: The Guardian
