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Pensions regulator launches prosecution against BHS man Chappell

The Pensions Regulator’s investigation into BHS has been reignited as it announces it intends to prosecute the majority shareholder of the company that purchased the retail giant.

TPR is prosecuting Retail Acquisitions Ltd director Dominic Chappell for failing to turn over information and documents while it was investigating the sale of BHS and the treatment of its pension scheme.

Chappell’s summons to appear at Brighton Magistrates’ Court on 20 September 2017 comes as the regulator takes action over alleged failure to comply with three separate notices dating from April last year.

TPR secured its first criminal conviction for failing to provide documents in an investigation earlier this year, as a law firm was ordered to pay more than £16,000 in fines and costs for impeding a pension scam inquiry.

The former boss of BHS Philip Green has already agreed a £363m settlement with TPR as the regulator sought redress for 20,000 pension scheme members over and above what would have been received if unfunded liabilities were allowed to fall on lifeboat scheme the Pension Protection Fund.

BHS built up an estimated £571m pension scheme deficit under Green’s stewardship.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Robert Milligan 22nd August 2017 at 1:32 pm

    I took my A levels in 1973, is my maths short, £571 million take away £361 million leaves “around” £208,000,000 shortfall, why would anyone buy a company for £1 knowing this, or indeed how was the Regulator already not knowing how many noughts were in £571,000,000 missing pounds. How dare the Regulator settle for anything less than a full refund, I thought we were held under Fit & Proper accountability. And now its crumbled it falls on the “Other” to support the de-funked scheme.

  2. If the pension scheme was NOT in deficit, why would Philip Green give away the company. Pesumably BHS had assets as well as liabilities.

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