Iceland’s Supreme Court has dismissed fraud charges against Jon Asgeir Johannesson, the boss of Baugur, the group which owns several top British retailers including The Big Food Group and Booker.
Johannesson and five others had been accused of fraud and embezzlement.
Baugur put a hold on its expansion plans during the trial, and pulled out of a consortium in the running to buy Somerfield.
Icelandic authorities brought 40 charges of fraud against Johannesson and five others, including several former Baugur employees. Baugur and Johannesson claimed that the charges - surrounding alleged breaches of accountancy rules - were politically motivated.
Prosecutors now plan to appeal against the decision.
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