The fraud charges faced by six senior members of Icelandic retail group Baugur relate to the group’s attempts to buy Arcadia in 2002.
Last week, the National Commissioner of the Icelandic police said that six people - Baugur’s chief executive, Jon Asgeir Johannesson, his father, Johannes Jonsson, his sister, Kristinn Johannesdottir, two accountants and former chief executive, Tryggvi Jonsson - had been charged with fraud.
Johannesson’s lawyer said that the charges relate to A-Holding, a vehicle set up in 2001 to buy shares in Arcadia.
He said: “What the Icelandic authorities are investigating is the transfer of shares within A-Holding and between shareholders of that company. They are discussing the price of those shares in that context.”
Further details are expected to be released later in the week.
Baugur’s charges have raised questions over whether the retailer should remain in the consortium which is currently making a £1bn bid for supermarket group Baugur.
Members of the consortium, which include Barclays Capital, Robert Tchenguiz and Apax Partners, are in talks over whether Baugur should remain part of the group.
Last week, the National Commissioner of the Icelandic police said that six people - Baugur’s chief executive, Jon Asgeir Johannesson, his father, Johannes Jonsson, his sister, Kristinn Johannesdottir, two accountants and former chief executive, Tryggvi Jonsson - had been charged with fraud.
Johannesson’s lawyer said that the charges relate to A-Holding, a vehicle set up in 2001 to buy shares in Arcadia.
He said: “What the Icelandic authorities are investigating is the transfer of shares within A-Holding and between shareholders of that company. They are discussing the price of those shares in that context.”
Further details are expected to be released later in the week.
Baugur’s charges have raised questions over whether the retailer should remain in the consortium which is currently making a £1bn bid for supermarket group Baugur.
Members of the consortium, which include Barclays Capital, Robert Tchenguiz and Apax Partners, are in talks over whether Baugur should remain part of the group.
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