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Pensions Regulator to prosecute ex-BHS owner Dominic Chappell

23 August, 2017, 18:10 | Author: Alberta Rodriguez
  • TPR will prosecute Dominic Chappell for failing to give information and documents requested as part of the investigation into the sale of BHS

THE FORMER director of Island Harbour is to be prosecuted by the Pensions Regulator for alleged irregularities following his acquisition of retail chain BHS.

Chappell's Retail Acquisitions Limited (RAL) vehicle bought BHS in 2015 from Sir Philip Green.

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In February, Sir Philip Green agreed in a settlement with the Pensions Regulator to hand over £363m in cash to the BHS pension scheme.

Chappell faces charges of allegedly failing to provide documents and information requested by the regular during its investigation into the company's liquidation.

BHS plunged into administration past year, impacting 11,000 jobs and around 19,000 pension holders, leaving a £571 million pension deficit.

Frank Field, chairman of parliament's Work and Pensions Committee which interrogated both Chappell and Green as witnesses over the retailer's collapse, suggested the regulator was "frightened of landing the whale".

Mr Chappell was arrested by tax officers in November a year ago amid claims that his investment vehicle, Swiss Rock, owed the Revenue more than £500,000 in unpaid corporation tax and Vat. The high street retailer went into administration just over a year later, at which point Retail Acquisitions Ltd owed around £6m to BHS. The boss of the Insolvency Service, Sarah Albon, said in February that the investigation into BHS's collapse could stretch to 2019 and that it had so far received 37million records relating to its investigation.

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