Dominic Chappell, who’s Retail Acquisitions bought BHS for £1, is to be prosecuted by The Pensions Regulator (TPR) for failing to provide information and documents during its investigation into the company’s sale.
Chappell, who was the director and majority shareholder of Retail Acquisitions Ltd at the time that the company purchased BHS, has been summonsed to appear at Brighton Magistrates’ Court on 20 September 2017 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act.
The notices requiring information were issued to Mr Chappell on 26 April 2016, 13 May 2016 and 20 February 2017.
The Pensions Regulator has the power under section 72 of the Pensions Act 2004 to require pension schemes, employers and third parties to provide them with information and documents relevant to our functions. Failure to provide such information without a reasonable excuse is a criminal offence that can result in an unlimited fine. Businesses that breach the act can also face further action from their professional body.
Work and pensions select committee chairman Frank Field MP tweeted: “If The Pensions Regulator is frightened of landing the whale, I suppose going after the sprat is the next best thing.”