Failure to provide information in connection with BHS sale leads to prosecution
25 August 2017
The Pensions Regulator (TPR) is to prosecute Dominic Chappell for failing to provide information and documents it requested during its investigation into the sale of BHS.
Dominic Chappell was the director and majority shareholder of Retail Acquisitions Ltd at the time that the company purchased BHS for £1 back in 2015.
TPR is prosecuting Mr Chappell for failing to comply with three notices issued under Section 72 of the Pensions Act 2004. The notices requiring information were issued to Mr Chappell on 26 April 2016, 13 May 2016 and 20 February 2017.
He has been sent a summons 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.
Failure to provide such information without a reasonable excuse is a criminal offence which can result in an unlimited fine. Additionally, those involved can suffer serious reputational damage from being convicted of non-compliance with the law. Businesses could also face further action from their professional body.