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U.K. Pensions Regulator prosecutes Chappell over BHS acquisition

Neil Hodge | September 26, 2017

If a regulator is too frightened to harpoon a billionaire whale like Sir Philip Green, it might as well hook a sprat like Dominic Chappell, a thrice-bankrupt retail novice who bought a failing company and an insolvent pension fund for a £1 (U.S.$1.3)—or the price of a litre of milk—without questioning why it was so cheap.

Last month the U.K.’s Pensions Regulator announced that it is to prosecute Chappell for failing to provide information and documents it requested during its investigation into his purchase of BHS through his company, Retail Acquisitions Ltd. He has been summonsed to appear at Brighton Magistrates’ Court on 20 September.

The case against Green was dropped in March after he agreed to cough up £363m (U.S.$478.6m) to plug part of the £571m (U.S.$752.8m) pensions black hole, saving himself £208m (U.S.$274m) in the process. As part of the deal, there was no admission of liability on his part or that of the associated Taveta companies, owned by his family... To get the full story, subscribe now.