Baugur executive chairman Jón sgeir Jóhannesson faces fresh charges of fraud relating to personal income tax and company tax that was due between 1998 and 2002.
The Icelandic police's economic crime department has sent a file to prosecutors about the alleged offence.
Helgi Magnus Gunnarsson, the public prosecutor at the economic crime unit, said that she had yet to reach a decision on whether to proceed with any action against Jóhannesson.
Previously, Baugur faced 40 charges of financial irregularities, most of which have been dropped, but Jóhannesson was found guilty of false book-keeping in May last year, for which he received a three month suspended jail sentence.
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