Tesco being investigated by the Serious Fraud Office

30 October, 2014

Tesco has confirmed that it has been notified by the Serious Fraud Office that it has commenced an investigation into accounting practices at the company.

Tesco, the UK's largest multiple retailer and one of the world's largest retailer, says it has been cooperating fully with the SFO and will continue to do so.

In light of the SFO investigation, Tesco has been notified by the Financial Conduct Authority that its own investigation will be discontinued.

The supermarket has announced that its profits had been overstated by £263m, up from an initial estimate, of £250m.

The inflated profit figure is said to be the result of Tesco bringing forward rebates from suppliers.

Eight executives, including Dan Jago, UK and group beer, wine and spirits director, a well known figure in the UK wine trade, have been suspended since that practice was revealed.

Tesco has said there was no evidence of personal gain from the mis-statement.

Keywords: tesco




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