This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/08/former-bhs-owner-dominic-chappell-quizzed-by-mps-live-updates
The article has changed 13 times. There is an RSS feed of changes available.
| Version 8 | Version 9 |
|---|---|
| Former BHS boss Philip Green 'blocked' Mike Ashley rescue deal – live | Former BHS boss Philip Green 'blocked' Mike Ashley rescue deal – live |
| (35 minutes later) | |
| 1.53pm BST | |
| 13:53 | |
| Chappell: I didn't threaten to kill my CEO | |
| Despite quizzing Chappell for two hours, the MPs failed to ask the former owner of BHS about the allegation that he threatened to kill CEO Darren Topp. | |
| But the British press pack are on the case.... | |
| Our own Sarah Butler, and the Telegraph’s Ashley Armstrong, collared Chappell in the media strum. | |
| And Chappell has denied that he made the threat after Topp discovered the £1.5m transfer of funds to BHS Sweden (as the MPs heard this morning) | |
| Chappell says Darren Topp's claim that he threatened to kill him was "a nonsense" "of course I haven't got a gun" he says | |
| Chappell on sidelines : "Absolute rubbish I did not threaten To kill him (BHS boss) or have a gun" | |
| 1.48pm BST | |
| 13:48 | |
| Chappell apologises for his part in BHS's failure | |
| And finally.... the MPs ask Dominic Chappell about what he most regrets, with hindsight. | |
| Chappell pauses, and then points to the pension black hole. | |
| We should have spend more time looking at the pension issue before the deal, and ensured that Philip Green was contractually committed to helping with trade insurance. | |
| Q: And would you like to apologise to anyone? | |
| I am very upset that there are 11,000 people directly, and many thousands more indirectly, who have lost their jobs, says Chappell. | |
| It is a travesty that it happened. I am very upset that it happened, and it was avoidable. | |
| Q: For the record, is that an apology? | |
| It is an apology, Chappell confirms. | |
| Q: So, are you to blame for the collapse of BHS? | |
| Chappell says he is partly responsible: | |
| I must stand forward as majority shareholder and say we were part of the downfall of BHS. | |
| And that’s the end of the hearing..... | |
| 1.42pm BST | |
| 13:42 | |
| Interesting.... Chappell reveals that BHS Sweden was solely owned by one Retail Acquisitions director, Lennard Henningson, when £1.5m was transferred from BHS. | |
| Ie:, it wasn’t incorporated into BHS. But that was always supposed to happen, Chappell insists, but RAL hasn’t had time to do it. They were difficult times. | |
| Dominic Chappell admits that BHS Sweden was solely owned by Lennart Henningson, not BHS | |
| 1.38pm BST | |
| 13:38 | |
| MP: Chappell should have been on the bridge, not a yacht | |
| Q: What sort of message does it send about capitalism that you were in the Bahamas on the day when BHS went into administration? | |
| This is a sideshow, fumes Chappell. He tells MPs that he can show them details of the meetings he had with potential investors who could have saved BHS. | |
| The MPs aren’t impressed, saying “Captains should be on the bridge of the ship, not a yacht.” | |
| Chappell says that the administrators, Duffy Phelps, made it clear that we were not allowed back in the building. | |
| Chappell admits he was in Bahamas when administrators called in to BHS: MP: "The captain should be on the bridge of the ship." | |
| 1.34pm BST | |
| 13:34 | |
| Chappell defends £1.5m transfer | |
| Q: At last.... the committee ask about the £1.5m which Chappell tried to transfer out of BHS to Sweden (as CEO Darren Topp revealed). | |
| Chappell claims he did this to protect funds, as he believes Topp was working to a different agenda. He says the money was needed to pay various fees, such as insurance, and to JP Morgan and KPMG. | |
| Q: So why did you put it back? | |
| Chappell says he was reassured by Topp, so brought the money back (minus £50,000 in fees which have now been repaid too) | |
| Mr Topp is sitting in the gallery, shaking his head, points out Iain Wright MP. Perhaps we should hear from him again before this session ends..... | |
| 1.33pm BST | |
| 13:33 | |
| The committee ask for details about various BHS property sales... | |
| Chappell says he "can't recall" if any of £1m diverted from two BHS property sales to RAL ended up in he personal bank account | |
| 1.29pm BST | |
| 13:29 | |
| The gloves are coming off.... Frank Field MP tells Dominic Chappell that his grandmother would call him a “Walter Mitty” character, but one who can get money for himself. | |
| That’s very personal, Chappell replies. | |
| Chappell cracks: says £1.5m loan "what difference does it make in the grand scheme of of things" "your being very personal" | |
| 1.28pm BST | |
| 13:28 | |
| Chappell: £1.5m loan is a sideshow | |
| The MPs now demand more details about the £1.5m loan that Retail Acquisitions gave to the company that owns Chappell’s father’s house. | |
| Chappell says that the loan was agreed by RAL’s board – he voted in favour, although one independent director abstained. | |
| It might have been better if YOU had abstained, the committee suggest, then the independent directors could vote on it. Where was the corporate governance? | |
| MP: "There was no corporate governance at all in Retail Acquisitions at all it was just a joke." | |
| Chappell doesn’t like this line of questioning - claiming that £1.5m is “a sideshow” compared to what BHS is all about. | |
| This is not a sideshow, he’s told, as gasps echo around the room. This goes to the heart of what went wrong at BHS. | |
| Gasps in the room as Chappell says "what difference would £1.5m from BHS make in the grand scheme of things? It's a sideshow" | |
| 1.22pm BST | 1.22pm BST |
| 13:22 | 13:22 |
| Chappell: I'm not going bankrupt again | Chappell: I'm not going bankrupt again |
| Iain Wright MP asks Chappell about a personal loan of £150,000 he took out recently, at 1% per month, repayable after two weeks. | Iain Wright MP asks Chappell about a personal loan of £150,000 he took out recently, at 1% per month, repayable after two weeks. |
| Only £75,000 has been repaid, and the other half has now been formally demanded (by the Dellal family, who had been involved those complicated property deals) | Only £75,000 has been repaid, and the other half has now been formally demanded (by the Dellal family, who had been involved those complicated property deals) |
| Q: Mr Chappell, are you going bankrupt again? | Q: Mr Chappell, are you going bankrupt again? |
| No, says Chappell, giving a vey short laugh (and not looking amused at all). | No, says Chappell, giving a vey short laugh (and not looking amused at all). |
| He says that he had a tax bill to pay. | He says that he had a tax bill to pay. |
| Q: But you’ve told us that you’ve made money on BHS. | Q: But you’ve told us that you’ve made money on BHS. |
| Yes, but when you make a profit, you incur tax, Chappell explains. | Yes, but when you make a profit, you incur tax, Chappell explains. |
| Updated | Updated |
| at 1.23pm BST | at 1.23pm BST |
| 1.16pm BST | 1.16pm BST |
| 13:16 | 13:16 |
| Q: Did you lend £1.5m from BHS to a property company connected to your father? | Q: Did you lend £1.5m from BHS to a property company connected to your father? |
| The loan came from Retail Acquisitions, Chappell says, not BHS, from money generated by the business. It went to a company that owns his father’s house. | The loan came from Retail Acquisitions, Chappell says, not BHS, from money generated by the business. It went to a company that owns his father’s house. |
| Updated | Updated |
| at 1.21pm BST | at 1.21pm BST |
| 1.12pm BST | 1.12pm BST |
| 13:12 | 13:12 |
| Dominic Chappell is adamant that he’s not to blame for the deadlock over BHS’s pension black hole. | Dominic Chappell is adamant that he’s not to blame for the deadlock over BHS’s pension black hole. |
| It’s argues that its Philip Green’s fault, for failing to co-operate with the pension regulators. | It’s argues that its Philip Green’s fault, for failing to co-operate with the pension regulators. |
| Frank Field: "Philip Green was like Banquo's ghost in all of this - he was always there. He wouldn't leave you along" | Frank Field: "Philip Green was like Banquo's ghost in all of this - he was always there. He wouldn't leave you along" |
| 1.06pm BST | 1.06pm BST |
| 13:06 | 13:06 |
| In another dizzying trip down the rabbit hole, Chappell says he wasn’t allowed to speak to the Pensions Regulator about BHS before he had actually bought the company. | In another dizzying trip down the rabbit hole, Chappell says he wasn’t allowed to speak to the Pensions Regulator about BHS before he had actually bought the company. |
| Bizarre. Condition of BHS deal was that Sir Philip Green would not allow Dominic Chappell to see Pensions Regulator before deal | Bizarre. Condition of BHS deal was that Sir Philip Green would not allow Dominic Chappell to see Pensions Regulator before deal |
| 1.04pm BST | 1.04pm BST |
| 13:04 | 13:04 |
| Dominic Chappell continues to blame Sir Philip Green for BHS’s collapse. | Dominic Chappell continues to blame Sir Philip Green for BHS’s collapse. |
| He repeats his complaint that the Arcadia boss didn’t deliver on his promise to sort out BHS’s credit insurance (which drove up costs) | He repeats his complaint that the Arcadia boss didn’t deliver on his promise to sort out BHS’s credit insurance (which drove up costs) |
| BHS pension like "lighting the red touch paper" w Green, Chappell says. "He went from zero to incredibly angry the moment you mentioned it" | BHS pension like "lighting the red touch paper" w Green, Chappell says. "He went from zero to incredibly angry the moment you mentioned it" |
| Chappell says he did "everything in my powers", including attempting to sell to Mike Ashley before Green "railroaded" the rescue deal | Chappell says he did "everything in my powers", including attempting to sell to Mike Ashley before Green "railroaded" the rescue deal |
| MPs aren’t impressed... | MPs aren’t impressed... |
| Q: You bought this company, and had a cash crisis within three months of buying the business. | Q: You bought this company, and had a cash crisis within three months of buying the business. |
| Chappell claims it was more like a short-term pinch point - and he sorted out a loan to cover it. | Chappell claims it was more like a short-term pinch point - and he sorted out a loan to cover it. |