Tesco fined tens of millions for accounting fraud

Tesco fined tens of millions for accounting fraud
By Christopher Cummins with AGENCIES
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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.

Tesco has agreed to pay a penalty of £129m relating to false accounting at Tesco Stores in 2014 https://t.co/4h3lju0UrLpic.twitter.com/UjYdOR3bES

— 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.

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