Baugur founder and executive chairman Jón sgeir Jóhannesson failed to have a conviction of bookkeeping charges thrown out in an Icelandic Court yesterday.
The director of the Icelandic investment firm, whose UK retail investments include House of Fraser and Hamleys, has been battling the conviction for six years.
Prosecutors in the case had been pursuing more serious charges of fraud and embezzlement against Jóhannesson and two co-defendants, but those allegations were rejected by the court. Prosecutors are, however, continuing to consider separate charges of tax fraud.
A Baugur lawyer said that the decision to uphold the charges could jeopardise Jóhannesson’s future as the company’s director.
Jóhannesson has complained to the European Court of Human Rights that he has been the victim of persecution.
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