Retail boss found guilty

City A.M. Reporter
THE boss of failed retail group Baugur, one-time king of the British high street, was found guilty of tax evasion yesterday.

Jon Asgeir Johannesson, whose investment company owned stakes in a string of British high-street retailers including Hamley’s, Iceland and House of Fraser, was handed a suspended one-year prison sentence and a fined of 62m Icelandic crowns (£311,000).

The court found Johannesson had deliberately filed erroneous tax returns on earnings.