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Tesco’s former chief executive, Philip Clarke will not face charges in relation to an accounting scandal which took place at the supermarket chain.
David Corker, Clarke’s lawyer said on Monday that he has received a letter from the Serious Fraud Office (SFO) informing him of the decision.
According to Corker, the letter read: “Following a thorough review of the evidence obtained … it has been decided not to initiate criminal proceedings on the grounds there is insufficient evidence to provide a realistic prospect of conviction,”
Clarke had been questioned over a scandal which left a £326m black hole in Tesco’s books in 2014. Later it was found the company had overstated its profits by £263m, this was due to incorrectly booking payments by suppliers. It was revised that the over statement was up by £63m.
The SFO have declined to comment but the investigation is still continuing.