Tax evasion charge for man who paid £1 for BHS
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Dominic Chappell, a former racing driver who became the final owner of BHS when he led the consortium that bought the clothing and homewares chain for £1 from billionaire Arcadia chairman Sir Philip Green, has been charged with money laundering and tax evasion.
Mr Chappell, 52, had no retail experience when he completed the deal in March 2015, and was accused of being one of the chief authors of the store’s subsequent demise.
The company, which had 11,000 employees and 164 stores, collapsed a year later with a £571 million deficit in its pension fund, sparking a political and public backlash.
All the stores were closed two months later after administrators failed to find a buyer.
After BHS failed, Sir Philip, 67, paid £363 million into the pension fund amid calls for his knighthood to be withdrawn.
As well as the money-laundering charge, Mr Chappell is accused of failing to pay tax on profits from his finance company, Swiss Rock Ltd, which has since gone into liquidation.
According to the Daily Mail newspaper, Chappell was told of the charges this week and is due to answer the charges at City of London magistrates’ court on June 18.
The money-laundering charges against the businessman, from Blandford Forum, Dorset, are said to state that he “converted criminal property from Swiss Rock, knowing or suspecting that it represented in whole or in part the proceeds of criminal conduct”.
His representatives have not yet commented on the charges.
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