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Tesco fined £129m

28th Mar 17 8:22 am

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Tesco will pay a fine of £129m to avoid prosecution for overstating its profits in 2014.

A two-year investigation has come to the agreement of a deferred prosecution with the Serious Fraud Office (SFO).

The SFO said Tesco has worked with the investigation, the supermarket has made changes.

As well as this Tesco has accepted a finding of “market abuse” from the Financial Conduct Authority (FCA).

It said it would provide compensation to investors who bought shares or bonds between 29 August and 19 September, Tesco has estimated this cost at £85m.

Tesco’s current chief executive, Dave Lewis, said: “Over the last two-and-a-half years, we have fully co-operated with this investigation into historic accounting practices, while at the same time fundamentally transforming our business.”

“We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand.”

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