Island-based businessman Doug Barrowman has been cleared of embezzlement and tax fraud after a trial in Spain.
He was accused of misappropriation and tax fraud after a company he worked for advised on a cable factory buyout in 2008 - prosecutors claimed the company never provided services and inflated its bill.
However, in a 26-page ruling, three Spanish judges said it was clear services had been provided - and while the payment may have been disproportionate, it wasn't illegal.
The court also said allegations the £5.5 million fee was paid into an offshore account hadn't been proven.
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