Peter Nygård, the Finnish-Canadian businessman at the centre of a series of allegations involving the sexual exploitation of teenage girls in the Bahamas, has stepped down as chairman of his business organisations.
Nygård’s publicist Ken Frydman confirmed the news to news agency AP. Frydman told AP that Nygård did not want his legal battles to affect the employees who depend on his companies for a living.
On Tuesday, the FBI and New York police authorities raided the head office of Nygård’s group of companies in New York.
Nygård International began operations as a sportswear manufacturer in Winnipeg, Canada. According to the firm’s website, it has more than 170 stores across North America.
Nygård has been accused by 10 women who claim that he raped them at his luxury villa in the Bahamas. Some of them have said that they were minors at the time. A civil suit has been brought against the millionaire in New York over the matter.
Nygård has denied the rape allegations against him through his publicist. He said that the claims were motivated by a years-long dispute with his neighbour in the Bahamas, the billionaire investor and hedge fund manager, Louis Bacon.