Iceland chief cleared in shares probe

An investigation lasting almost four years into share dealings at frozen food chain Iceland has cleared its former chairman, it emerged today.

Malcolm Walker’s lawyers were told by the UK's Serious Fraud Office last week that its inquiry had been concluded with no charges being brought against anyone.

Mr Walker left the company in January 2001 amid criticism of his decision to sell shares worth £13.5m (€19.5m) weeks before the company issued a disappointing Christmas trading statement.

The former chief executive, who founded the company three decades ago, said: “I never had the slightest doubt that I would be totally vindicated by any inquiry into alleged insider dealing in Iceland shares in late 2000.”

Mr Walker said he had decided to sell part of his shareholding because he was retiring from an executive role at the company, which is now known as the Big Food Group and also includes the Booker cash-and-carry chain.

Since leaving Iceland, Mr Walker has set up a chain of 20 frozen food stores called CoolTrader.

However, Mr Walker said he was disappointed at the length of the time that the inquiry had taken.

He added: “While I naturally welcome the fact that any suggestion of wrongdoing has now been officially withdrawn, I regret that it has taken almost four years to reach this inevitable conclusion.”