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Criminal inquiry launched into Tesco's accounting practices

  • A criminal probe has been initiated into Tesco’s accounting practices that led to a profit overstatement of £263 million at the British retail major, according to media reports.

    The investigation will be carried out by the UK’s Serious Fraud Office. Tesco said it was “co-operating fully” with investigators.  

    Following the accounting scandal, the company’s shares have fallen sharply. Dave Lewis, the new chief executive of Tesco, is trying to turn things around for the struggling retailer.

     

    Tagged as: criminal probe, Tesco, accounting, profit overstatement, British retailer, Serious Fraud Office, Dave Lewis, business news