The Serious Fraud Office and Iceland’s special prosecutor’s office have taken the investigation into the dealings of Icelandic investment vehicle Exista one step further with raids on four UK locations including Exista’s Paddington offices.

The SFO is co-operating with the prosecutor’s office, which is investigating four cases related to Exista in Iceland, and assisting the SFO with some of its enquiries including the joint venture between Exista and former JJB Sports boss Chris Ronnie.

Although the UK raids are not thought to be in relation to the SFO’s enquiries into JJB, simultaneous searches in Iceland by the prosecutor’s office will be used to help its JJB enquiry.

Ronnie and Exista bought a 29% stake in JJB in 2007 in a deal financed by Icelandic bank Kaupthing.

JJB and Sports Direct are also currently being investigated by the SFO for suspected price-fixing.