Former Tesco director charged with fraud is acquitted

Former Tesco finance director, Carl Rogberg who was charged with fraud was acquitted by Southwark Crown Court Wednesday.

In 2014 a hole was found in Tesco’s accounts that wiped £1.5bn from its stock market value, Rogberg, and fellow colleagues John Scouler and Chris Bush were also acquitted last month.

Judge, Sir John Royce instructed to the to acquit Scouler and Bush as there was insufficient evidence.

Tesco initially had agreed a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO) to pay £129m in fines, the contents of the deal were under reporting restrictions.

Rogberg said, “It is a huge relief that this day has finally come. While I always had faith that it would, the journey here has not been an easy one. The trial has had enormous consequences on my health and exemplary career, as well as for my wife, my son, my family and my friends.

“The circumstances were never properly investigated by Tesco from the outset. They rushed to the wrong judgment and then entered into a deferred prosecution agreement with the SFO on a completely false basis.

“Truth and justice were abandoned for their commercial imperatives. Tesco needlessly paid over £129m in fines, not to mention the value that was lost in the company as a result of this fiasco.

“Their drastic action has been extremely damaging for Tesco’s employees, shareholders and pension funds.”