Jon Asgeir Johannesson, chief executive of Icelandic retail predator Baugur, and five other Baugur executives have been cleared of the eight remaining fraud charges against them.

The outstanding charges were part of 40 original charges of embezzlement and fraud brought against Baugur’s executives which last year forced the group to drop out of a consortium bidding for Somerfield. A further 32 charges were dropped last year.