Baugur

Both Glitnir and Baugur collapsed in the Icelandic financial crash at the end of 2008.

Failed derivative bet on M&S share price under criminal investigation 2011

Today, however, Kaupthing, FL Group and Baugur have all collapsed spectacularly, leaving behind a mire of controversy and worthless shares.

The high-street tycoon who pulled out of ruin to be back in fashion 2011

Elsewhere, the British businessman had come to control more than 8% of shares in Baugur, the private investment vehicle controlled by his friend and frequent investment partner Jón Ásgeir Jóhannesson.

The high-street tycoon who pulled out of ruin to be back in fashion 2011

Elsewhere, Baugur and Stanford had invested together in a number of British high-street businesses such as House of Fraser, All Saints, Moss Bross, Debenhams and Woolworths.

Failed derivative bet on M&S share price under criminal investigation 2011

Icelandic authorities are elsewhere conducting a criminal investigation into allegations of corruption involving Glitnir extending favourable loan terms to businesses linked to Baugur.

Failed derivative bet on M&S share price under criminal investigation 2011

Major interests in Kaupthing, FL Group and Baugur – and various joint ventures with all three – hinted at how Stanford had drawn on his knowledge of the British high street to position himself at a nexus between some of the driving forces in Iceland's investment boom.

The high-street tycoon who pulled out of ruin to be back in fashion 2011

Before the financial crisis, and bankrolled by the Icelandic banks, Baugur had been one of the most prolific investors in the retail sector, with stakes in French Connection, House of Fraser and Hamleys among others.

Iceland Foods' Malcolm Walker confirms £1bn buyout offer Zoe Wood 2010

A Serious Fraud Office investigation cleared him of any wrongdoing but he did not return until after BFG was acquired by Baugur.

Iceland Foods' Malcolm Walker confirms £1bn buyout offer Zoe Wood 2010

The management owns roughly a quarter of the equity, with the remainder in the hands of the banks that seized the shares from Baugur, the Icelandic investment group that collapsed in the credit crunch.

Iceland Foods' Malcolm Walker confirms £1bn buyout offer Zoe Wood 2010

It could have been worse: the 2008 Icelandic banking meltdown left some of Stanford's closest business associates – former Kaupthing bankers and figures behind the Icelandic investment group Baugur – at the centre of fraud and corruption allegations, their homes searched in dawn raids.

The high-street tycoon who pulled out of ruin to be back in fashion 2011