Malcolm Walker, founder and former chairman of The Big Food Group, the frozen food retailer previously known as Iceland, this weekend denied he had been aware that the group was running significantly behind budget before he sold £13.6m (US$19.9m) of shares in December 2000.

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Walker said: “I was happy with the statement that was put out. I was happy then and I am happy now. I believed we could have achieved our forecasts. If the same management was in place, that statement would not be seen as controversial.”


Walker was reacting to a statement by the Financial Services Authority on Friday that the Big Food Group had breached stock market rules when it failed to disclose a steep downturn in sales.

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