Tesco Fined Over Accounting Scandal
Following investigations started by the Serious Fraud Office and Financial Conduct Authority in 2014 into the Tesco accounting scandal, the UK’s largest retailer has been ordered to pay £235m to settle the enquiry. Requiring final court approval, a fine of £129m has also been issued as part of a deferred prosecution agreement (DPA). A trading statement by the retailer on 29 August 2014 had resulted in the loss of around £85m to investors, a figure which Tesco have agreed to pay back in a deal struck with the FCA. The remaining amount encompasses the legal costs associated with the...
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