Ashley in Iceland probe

Ashley in Iceland probe
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Mike Ashley was today facing an investigation into his relationship with Iceland’s banks and rival sports retailer Chris Ronnie.

Ashley, founder and deputy chairman of Sports Direct and owner of Newcastle United FC, looks set to be dragged into a probe by the Serious Fraud Office (SFO) into the failed Icelandic bank Kaupthing. Ashley was a depositor with some of Iceland’s banks and reports said the SFO plans to look at whether he may have also taken out loans.

Investigators are also said to want to know if Ronnie, the former chief executive of rival JJB Sports, may have indirectly received some of the loans.

The SFO plans to look at what happened immediately before the demise Mike Ashley was a depositor with some of Iceland’s banks of Kaupthing and how some customers were able to withdraw funds days before its collapse.

In addition, it wants to examine the scale of loans, including those to property tycoon Robert Tchenguiz, who borrowed £1.25 billion to buy stakes in Sainsbury’s and Mitchells & Butlers.

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