Wednesday, October 29, 2014

Tesco Faces Criminal Probe Over Profits Crisis

The Serious Fraud Office (SFO) has launched a formal criminal probe into Tesco's accounting crisis that led the UK's biggest retailer to overstate profits by £263m. The news was confirmed by both the supermarket chain and SFO, hours after Sky News revealed details of the investigation, which will be held in addition to an inquiry by the accounting watchdog. The City regulator, the Financial Conduct Authority (FCA), said that it was to discontinue its own probe because of the SFO's decision. The SFO's investigation, while not entirely unexpected, adds to the sense of crisis at Tesco. The company, which has lost more than half its value during the last year, has been hit by unprecedented boardroom turmoil, with the chairman, Sir Richard Broadbent, planning to quit next year.
see in:TESCO
INC News, 29/10/2014

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