Iceland’s Supreme Court is expected next month to rule on the long-running allegations of fraud against Baugur executive chairman Jón sgeir Jóhannesson.

Yesterday, an appeal by Jóhannesson against a conviction and suspended three-month gaol term for providing false information to the Icelandic stock exchange ended.

If his conviction is upheld, Jóhannesson could be banned from being a company director.

The dispute revolves around allegations that Baugur’s profits were manipulated in 2001. The Icelandic investor controls much of the UK high street through its investments in retailers such as House of Fraser, Iceland and Mosaic, which owns fashion chain Oasis.