Thumps up to SFO

Thumps up to SFO

 

 

Three former Tesco higher executives were accused of fraud in relation to the accounting scandal at Britain’s largest supermarket chain, Tesco will be facing trial next September. The former MD of Tesco UK Christopher Bush, the former finance director of Tesco UK, Carl Rogberg and the former commercial director for food, John Scouler had appeared at Southwark crown court for a hearing and to move a plea on Thursday and the date for the complete trial was confirmed on 4th September 2017.

They are charged with fraud by abuse of position and by false accounting. They could face upto 10 years of rigorous imprisonment if found guilty of the fraud and another seven years for false accounting. However, their lawyers have told that they intended to plead not guilty to the charges. The allegations points to the Tesco scandal that left with a deficiency of £326m to its accounts.

The Serious Fraud Office (SFO) initiated a criminal investigation into accounting practices at Tesco in October 2014, after the company admitted that it had overstated profits by £263m incorrectly booking payments from suppliers. Later on it revised the same up to £326m. The SFO investigation into Tesco is continuing and there is a possibility of more individuals and the company itself could face legal action.

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