Saturday, August 20, 2005

Leading Iceland Businessman Charged With Fraud

Just so we don't think that alleged misconduct by senior corporate officials occurs only in the United States, fraud and embezzlement charges have been filed against leading Iceland businessman Jon Johannesson.  He is the CEO of Bauger Group, an investment firm that has taken a stake in some of Britain's and the Continent's leading retailers.  According to an article in The Guardian (here), however, the charges essentially involve accusations of improper purchases of a "Big Mac and a hot dog" -- you've gotta love the subtlety of the British press.  "The indictment alleges that between October 5 1998 and May 2 2002 Mr Johannesson spent ISK12.5m (£110,000) on his Baugur Visa and Mastercard credit cards before the bills were covered by the executive's private family company, Gaumur. The transactions show him shopping at Gucci, Armani Exchange, Prada, Nike and Dolce & Gabbana, as well as tracking his apparent visits to a sleazy bar in Florida. He is also accused of using company money to buy pizzas and fried chicken. A former colleague of Mr Johannesson's is charged with embezzling customs duties on a lawn mower."  Five others were charged, including Johannesson's father and sister, and the case has been adjourned until Oct. 20. Somehow, Big Macs and Prada don't exactly go together. (ph)

Fraud, International | Permalink

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