By  on June 9, 2008

BAUGUR CHAIRMAN'S CONVICTION UPHELD: Iceland's Supreme Court in Reykjavik upheld a conviction against Jón Asgeir Jóhannesson, executive chairman of the Icelandic investment company Baugur Group Thursday, for wrongdoing in bookkeeping. Jóhannesson was found guilty along with his former chief executive, Tryggvi Jónsson, and a former business associate, Jón Gerald Sullenberger. However, the court rejected several other charges that prosecutors had leveled against Jóhannesson, including fraud, embezzlement and misleading the market by wrong statements to the stock exchange. Jóhannesson had appealed against the conviction earlier this year. Over the past six years, he has been dogged by charges of fraud in Iceland, which were resolved with Thursday's verdict. However, Helgi Magnús Gunnarsson, public prosecutor at Iceland's economic crime unit, said Friday he is investigating pressing separate tax fraud charges relating to Baugur and Jóhannesson.

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