By  on March 19, 2008

Liquidity in the markets isn't the only challenge Baugur Group might face in any attempt to take over Saks Inc. The investment company and two of its principals are under investigation by an Icelandic prosecutor looking into alleged tax evasion in the period 1998 to 2002.

A spokesman from the economic crime division of the state prosecutor's office in Iceland confirmed this week that Helgi Magnús Gunnarsson is looking into possible tax evasion relating to Baugur, its executive chairman Jón Asgeir Johannesson and Oskar Magnússon, a former Baugur director. The case reportedly involves several million pounds in taxes.

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