Dominic Chappell, the former owner of BHS who bought the business from Sir Phillip Green for £1 in 2015, has appeared before a London court and stands accused of avoiding around £500,000 in tax and using two yachts as means to launder the ill-gotten funds.
Director Adam Ramlugon commented:
“These allegations, if proven, should help to dispel the cliché that buying a yacht is an untraceable way of hiding ill-gotten gains. The regulated professionals that operate in the yacht and luxury asset world, like ourselves, are held to precisely the same standards as those in any other market sector. Anyone thinking of using a yacht deal as part of a ‘layering’ exercise in an effort to launder funds really should think twice.”