FORMER BHS owner Dominic Chappell appeared in court today to face charges of a half-a-million-pound tax fraud and allegedly buying two yachts to launder money.

He spoke only to confirm his personal details as he appeared in the dock at the City of London magistrates’ court.

Mr Chappell faces three charges of cheating the public revenue and two counts of money laundering in concealing, disguising, converting, transferring or removing criminal property relating to his bankrupt finance company Swiss Rock Limited.

The offences are alleged to have taken place between January 2014 and September 2016. Prosecutors told the court that the fraud is to the value of £500,000.

The money laundering allegations relate to funds from the company being used to buy two yachts.

According to the charges the first vessel, named Maverick 5, was bought for £182,500 in April 2015. The purchase would have been just a month after BHS was purchased from disgraced retail tycoon Sir Philip Green for £1.

Six months after buying the first yacht another £230,000 was allegedly used to buy a second yacht named Maverick 6.

A year after his acquisition of BHS the department store chain collapsed with the loss of 11,000 jobs.

Mr Chappell is charged with failing to register Swiss Rock for VAT from the correct date, providing false or misleading information to HMRC, and failing to correct the taxman’s assessment of how much tax was due.

It is also alleged he provided false information to accountants.

Emir Fehsal, chair of the magistrate’s bench, unconditionally bailed him to next appear for a case management hearing at Southwark Crown Court on July 16.