Tesco Fined £129m But Escapes Prosecution For Overstating Profits
Published on Mar 28 2017 10:31 AM
Tesco has been fined £129 million but escaped prosecution when it emerged that it overstated its profits.
Its subsidiary Tesco Stores has reached a Deferred Prosecution Agreement with the SFO following a two-year investigation into false accounting at the firm, reported Irishexaminer.ie
Reportedly, the announcement came as the financial watchdog found that Britains biggest retailer had committed market abuse when it inflated profits by £263 million - later revised up to £326 million - in a trading update on August 29 2014. However, it will avoid prosecution prosecution as long as it 'fulfils certain requirements'.
Dave Lewis Tesco chief executive said: "Over the last two-and-a-half years, we have fully co-operated with this investigation into historic accounting practices, while at the same time fundamentally transforming our business.
"We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand." He added.
© 2017 - Checkout Magazine by Donna Ahern