Iceland drops claim against Guyana

Iceland, the frozen food company, has dropped a £12mn compensation claim against Guyana, one of the poorer nations in the world. The claim dates back to 1976 when the country nationalised a number of large sugar plantations owned by Booker, which is now part of the Big Food Group, the parent of Iceland. The claim was due to be the subject of an arbitration hearing by an international court later this year.