Dominic Chappell the former owner of BHS has appeared in the City of London Magistrates court facing charges of £500,000 tax fraud and allegedly bought yachts to launder money.
He has faced three charges of cheating the public revenue and two counts of money laundering in concealing, disguising, converting, transferring or removing criminal property to do with his bankrupt finance firm, Swiss Rock Limited.
The court heard that the fraud is to the value of £500,000 and took place between January 2014 and September 2016.
It is alleged Chappell laundered funds from the company to buy two yachts, the first vessel, called Maverick 5, that was bought for £182,500 in April 2015, just a month after the acquisition of BHS.
Five months later it is alleged a second yacht called the Maverick 6 was bought for £230,000.
The charges allege he failed to register his finance company for VAT from the correct date by providing false or misleading information to HMRC, which led to an incorrect assessment of how much tax was owed.