25th Sep 2014 11:42
LONDON (Alliance News) - Tesco PLC executives may be quizzed by MPs following its profit overstatement errors revealed this week, the BBC reported Thursday, quoting the chairman of the Business, Innovation and Skills Select Committee.
Speaking to Radio 5 Live's Wake Up To Money programme, Adrian Bailey described the error made by Tesco as "stratospheric", adding it was "unbelievable" the retailer could get into "such a mess", the BBC said.
Tesco is already being "closely" watched by the Financial Reporting Council, the UK's accountancy watchdog and, according to a report in The Times earlier this week, is also in the sights of the Serious Fraud Office.
The supermarket group on Monday said it had overstated its first half pretax profit guidance by GBP250 million, sending its shares plunging lower. Also this week, new independent survey figures showed its market share has continued to deteriorate, and it was forced to bring in its new chief financial officer two months before had been previously planned.
http://www.bbc.co.uk/news/business-29357840
By Sam Unsted; [email protected]; @SamUAtAlliance
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