The Lockerbie bomber? A likely story . . .

In all the furore over Abdelbaset Ali al-Megrahi, we have lost sight of one important fact.

So, the British ambassador to the US says that the government "deeply regrets" the release of Abdelbaset Ali al-Megrahi, the man convicted of the Lockerbie atrocity. Meanwhile, US senators are calling for an inquiry into allegations that BP lobbied the British government to let Megrahi go in order to protect their interests in Libya.

News of his release on compassionate grounds a year ago prompted a similar wave of indignation. The papers bleated about Megrahi showing no compassion to his victims, that this was not "justice", and that the government was ignoring the victims of the bombing. This post from the Telegraph's Con Coughlin was fairly typical.

What is rarely mentioned amid all the outrage is that there is considerable doubt over Megrahi's guilt.

As the late Paul Foot pointed out, having sat through the whole of Megrahi's trial in the Netherlands in 2001, the prosecution's case was farcical.

That Megrahi felt the need to write 300 pages about his innocence is odd -- one ought to have sufficed.

To summarise, Megrahi is meant to have planted a bomb on a plane in Malta, which then travelled on to Frankfurt, and then on again to Heathrow, before finally exploding on Pan Am Flight 103 in the sky above Lockerbie. We are supposed to believe, then, that the bomb got on to three planes in a row without being detected. It seems a lot more likely that the bomb was planted at London than anywhere else.

In their judgment, the three judges at the trial also pointed out that there was nothing that proved Megrahi had put a bomb on the plane in Malta. They noted: "The absence of any explanation of the method by which the primary suitcase might have been placed on board KM180 [Air Malta] is a major difficulty for the Crown case."

What's more, Megrahi was apparently aided by a conspirator, yet his co-accused at the trial was unanimously acquitted.

The prosecution's star witness was Tony Gauci, a Maltese shopkeeper, who claimed to remember Megrahi buying clothes from his shop. These same clothes apparently found their way into the case in which the bomb was concealed.

Gauci also said, however, that he remembered it raining on the day Megrahi came in, yet meteorological records show this was not the case. This alone does not discount his testimony, but it must give pause for thought.

His claim to be able to identify a particular customer many months after he came into his shop is much more difficult to sustain. Again, the court expressed its reservations, saying that "Mr Gauci's initial description to DCI Bell would not in a number of respects fit the first accused" (Megrahi).

Perhaps those calling for an inquiry into the circumstances of this man's release should dig a little deeper into how he was convicted in the first place.

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BHS is Theresa May’s big chance to reform capitalism – she’d better take it

Almost everyone is disgusted by the tale of BHS. 

Back in 2013, Theresa May gave a speech that might yet prove significant. In it, she declared: “Believing in free markets doesn’t mean we believe that anything goes.”

Capitalism wasn’t perfect, she continued: 

“Where it’s manifestly failing, where it’s losing public support, where it’s not helping to provide opportunity for all, we have to reform it.”

Three years on and just days into her premiership, May has the chance to be a reformist, thanks to one hell of an example of failing capitalism – BHS. 

The report from the Work and Pensions select committee was damning. Philip Green, the business tycoon, bought BHS and took more out than he put in. In a difficult environment, and without new investment, it began to bleed money. Green’s prize became a liability, and by 2014 he was desperate to get rid of it. He found a willing buyer, Paul Sutton, but the buyer had previously been convicted of fraud. So he sold it to Sutton’s former driver instead, for a quid. Yes, you read that right. He sold it to a crook’s driver for a quid.

This might all sound like a ludicrous but entertaining deal, if it wasn’t for the thousands of hapless BHS workers involved. One year later, the business collapsed, along with their job prospects. Not only that, but Green’s lack of attention to the pension fund meant their dreams of a comfortable retirement were now in jeopardy. 

The report called BHS “the unacceptable face of capitalism”. It concluded: 

"The truth is that a large proportion of those who have got rich or richer off the back of BHS are to blame. Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable. 

“The tragedy is that those who have lost out are the ordinary employees and pensioners.”

May appears to agree. Her spokeswoman told journalists the PM would “look carefully” at policies to tackle “corporate irresponsibility”. 

She should take the opportunity.

Attempts to reshape capitalism are almost always blunted in practice. Corporations can make threats of their own. Think of Google’s sweetheart tax deals, banks’ excessive pay. Each time politicians tried to clamp down, there were threats of moving overseas. If the economy weakens in response to Brexit, the power to call the shots should tip more towards these companies. 

But this time, there will be few defenders of the BHS approach.

Firstly, the report's revelations about corporate governance damage many well-known brands, which are tarnished by association. Financial services firms will be just as keen as the public to avoid another BHS. Simon Walker, director general of the Institute of Directors, said that the circumstances of the collapse of BHS were “a blight on the reputation of British business”.

Secondly, the pensions issue will not go away. Neglected by Green until it was too late, the £571m hole in the BHS pension finances is extreme. But Tom McPhail from pensions firm Hargreaves Lansdown has warned there are thousands of other defined benefit schemes struggling with deficits. In the light of BHS, May has an opportunity to take an otherwise dusty issue – protections for workplace pensions - and place it top of the agenda. 

Thirdly, the BHS scandal is wreathed in the kind of opaque company structures loathed by voters on the left and right alike. The report found the Green family used private, offshore companies to direct the flow of money away from BHS, which made it in turn hard to investigate. The report stated: “These arrangements were designed to reduce tax bills. They have also had the effect of reducing levels of corporate transparency.”

BHS may have failed as a company, but its demise has succeeded in uniting the left and right. Trade unionists want more protection for workers; City boys are worried about their reputation; patriots mourn the death of a proud British company. May has a mandate to clean up capitalism - she should seize it.