BHS is back in the headlines.
Again, it features Dominic Chappell, the man behind the infamous £1 purchase of BHS and its subsequent demise (although let’s not forget Sir Phillip Green in all of this).
A court has heard that the Pensions Regulator claims that it asked Chappell three times to provide information relating to BHS’ Pension Schemes, and when it wasn’t produced the regulator went to court.
We are all familiar with the BHS story – the high street favourite went bust in April 2016, leaving a £571m bill in unpaid pensions. Dominic Chappell bought BHS in March 2015 for £1 at a time when BHS’ pension schemes had 19,000 members with a combined deficit of more than £500m.
We all know that Sir Phillip Green found some spare change in his back pocket to repay £360m, but Pensions’ Regulator is still investigating whether Mr Chappell (in a very different financial ‘league’ to Mr Green) should also make a contribution.
Not providing information to the Pensions’ Regulator is a criminal offence and carries an unlimited fine. It is encouraging to see the Pensions Regulator robustly using the ‘teeth’ given to them by statute on behalf of thousands of wronged ex-employees.
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