Business

BHS: Dominic Chappell ordered to pay £9.5m into pension schemes

Dominic ChappellSymbol copyright
Getty Photographs

Businessman Dominic Chappell has been ordered to pay £9.5m into the BHS pension schemes after dropping an enchantment.

Mr Chappell purchased the Prime Side road chain from Sir Philip Inexperienced for £1 prior to it closed down in 2016.

The Pensions Regulator (TPR) had issued Mr Chappell with two contribution notices for the cash, and his enchantment towards the bills was once unsuccessful.

TPR’s Nicola Parish stated the case confirmed how the watchdog would use the courts to assist pension savers.

“It illustrates the eventualities our anti-avoidance powers had been designed to satisfy and which enable us to offer protection to the retirement earning that savers deserve,” she stated.

It added that the verdict supposed the BHS pensions scandal was once “coming to an in depth”, just about 4 years after the corporate’s closure.

The cave in of BHS value 11,000 folks their jobs and left a pension deficit of greater than £570m.

In 2018, Sir Philip agreed to position £363m in money into the corporate’s pension schemes to stay them out of the Pensions Coverage Fund.

Sir Philip owned BHS for 15 years prior to promoting it to Mr Chappell.

When TPR served the preliminary realize towards Mr Chappell, it concluded {that a} sequence of acts had been “”materially unfavourable” to the pension schemes.

It stated those integrated:

  • the purchase of BHS
  • the appointment of green board contributors
  • an insufficient marketing strategy
  • and the way in which cash was once extracted and allotted to Mr Chappell, advisers, corporate administrators and members of the family.

Final November, Mr Chappell, a former bankrupt, was once banned from operating an organization for 10 years by means of the Insolvency Provider.

Later this yr, he faces a tribulation over allegations of £500,000 of tax fraud, which he denies.

Read More: https://www.kbcchannel.tv | For More Business Articles | Visit Our Facebook & Twitter @kbcchanneltv | Making The Invisible, Visible


Supply hyperlink

READ  U.S. Builds Up Troops Within the Heart East As Funerals Start In Iraq

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker
%d bloggers like this: