The Serious Fraud Office (SFO) is to launch a criminal inquiry into Tesco after its accounting failure led the firm to overstate profits by £263m, according to reports.
According to Sky News, the SFO is to formally open an investigation in the coming days. The Financial Conduct Authority (FCA) has meanwhile stopped its own investigation into the matter "with immediate effect". The investigations relate to an accounting error which saw the firm overstate its estimated half-year profits by £263m. The retailer has suspended eight senior employees in response to the scandal, which relates to payments from suppliers. Tesco separately announced earlier this month that chairman Sir Richard Broadbent will quit next year. New CEO Dave Lewis and a new chief...
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