20th Oct 2014 05:39
LONDON (Alliance News) - The investigation into Tesco PLC's GBP250 million profit overstatement has found evidence of a cover-up as the commercial team at the company struggled to meet targets in the final months of the tenure of former chief executive Philip Clarke, The Sunday Times reported.
The company is expected to say when it posts half-year results on Thursday that the review found patterns of "inappropriate" behaviour by staff, but that it will not have to restate its results for previous years, the paper said.
It is understood the investigation, being undertaken by accountant Deloitte and law firm Freshfields established staff were under pressure at the company amid falling sales. Those involved are said to have acted in a bid to save their jobs, rather than for personal gain, the report is believed to say.
http://www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1472665.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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