Baugur executive chairman JĂłn sgeir JĂłhannesson is expected to fight suggestions he will have to resign from the board after losing his appeal against a conviction for breaking accounting laws.

Iceland’s minister for foreign affairs and external trade Ingibjörg SĂłlrĂșn GĂ­sladĂłttir described the six-year long proceedings as “the most extensive criminal investigation in recent Icelandic history”.

JĂłhannesson may be prohibited from serving on a company board for three years after the verdict was upheld. He received a three-month suspended sentence.

His lawyer, Gestur Jónsson, said: “The indictment
 had 54 counts, out of which 53 have led to acquittal or dismissal.”

Gísladóttir said: “It is clear that the courts are convinced that the scope of both the investigation and the indictments issued was out of proportion to the cause.”

Baugur declined to comment.

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