24th Sep 2014 05:58
LONDON (Alliance News) - The Serious Fraud Office is understood to be closely following events at Tesco PLC to consider whether any deliberate manipulation was involved in the GBP250 million overstatement of the supermarket's profits unveiled this week, The Times reported on Wednesday.
Insiders at the SFO said the agency was "following developments at Tesco with interest" after the company this week suspended four senior executives and warned that around a quarter of its interim profits had been overstated, the paper said.
Tesco's woes were compounded this week as new figures showed its deteriorating market share, a new finance director was parachuted in, an inquiry was opened into its conduct in South Korea, and concerns grew that it may have to restate accounts going back as far as 2011, The Times added.
http://www.thetimes.co.uk/tto/business/industries/retailing/article4216110.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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