Tesco hit with multi-million pound fine for accounting fraud
Tesco is to pay a £129m fine to avoid prosecution over a 2014 accounting fraud.
Between February and September of that year Tesco misled investors by issuing a trade statement overstating its profits.
— Financial Times (@FT) March 28, 2017
One month later Tesco said it had boosted profit figures by £250m, it was later revised to
The retailer has also agreed to spend £85m on compensating investors.
Tesco is nearing the end of its darkest chapter https://t.co/tUxEdwn2qP via
Bfly</a> <a href="https://t.co/DyhSypvWrQ">pic.twitter.com/DyhSypvWrQ</a></p>— Bloomberg (business) March 28, 2017
To qualify investors must have bought more shares than they sold during the offending period.
Tesco said it had fully accepted the regulator’s findings that the company abused the market.