Fraud case has disrupted business
The board of Icelandic retail giant Baugur has pledged its full support for chief executive officer Jón Ásgeir Jóhannesson, who was arraigned in a Reykjavik court this week over charges of fraud, including the misuse of company funds.
The retailer said that even though it was cited as the victim of the case, the affair had disrupted its business. However, Baugur remains committed to a strategy of investing in other businesses.
In a statement, the retailer said: 'In response to the charges issued by the Icelandic police, the board of Baugur commissioned independent inquiries from legal, accounting and investigations firms to clarify the circumstances from which the charges arose. The findings of all such investigations lead the board to maintain its unreserved support for the CEO of Baugur and others charged.'
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