Iceland Top Court Hands Prison Term to Ex-Baugur Boss on Taxes

Jon Asgeir Johannesson, the former Icelandic billionaire who controlled failed retail empire Baugur Group hf, was found guilty of tax fraud by Iceland’s Supreme Court.

Johannesson received one year in jail and a fine of 62 million kronur ($485,000) today for nine violations, including not declaring all his capital gains income, profit from shares he sold and violating accounting laws while running Baugur, according to the ruling. Johannesson’s sentence was suspended for two years.