Troubled Tesco under investigation from the Serious Fraud Office in response to account discrepancies
An investigation into the culture surrounding Tesco’s scandalous £263m over-statement of profits is set to be launched by the Serious Fraud Office (SFO).
Troubled Tesco under investigation
The inquiry will open this week alongside separate investigations from the City regulator and the Financial Reporting Council (FRC), according to Sky News.
The news may see Tesco, the world’s second biggest supermarket behind Walmart, lose its place under threat from discount outlets such as Aldi and Lidl with a gloomy financial year on the horizon.
This outcome looks especially more likely after Dave Lewis, the new chief executive of Tesco, last week revealed profits had dropped by over 90 per cent in the first half of 2014.
The supermarket, which has suspended eight employees, including Chris Bush, UK managing director over the scandal has denied there was any financial gain from the accountancy errors relating to payments from suppliers.
The retailer last week admitted it had overstated its profits by £263m, £13m more than previously thought.
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Tesco
Tesco plc, trading as Tesco, is a British multinational grocery and general merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire, England,...
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