Serious Fraud Office to investigate Tesco

29 October 2014

tesco-extra Tesco time again! On this occasion, being investigated by the Serious Fraud Office over that preposterous accounting debacle they got themselves mixed up in.

The SFO has, according to reports, told Tesco that they'll be launching a formal criminal investigation into the scandal and to expect a statement on the whole thing this week.

As we know, the Financial Conduct Authority are already investigating the retailer - soon, Tesco will have to open a new aisle just for people in business suits tutting at spreadsheets and mainlining instant coffee.

Deloitte, the accountancy lot, have completed their enquiries into this wretched mess, and Tesco are declining to comment on it all, apart from saying that the practices at the centre of the scandal had been going on for longer than they'd originally thought. That's what resulted in a missing £263m.

It has been said that a 'small group' of employees were behind it all, and Deloitte's investigation unearthed "inappropriate behaviour" and the fact that there's been "deliberate intention" to pull a fast one on auditors.

Tesco shares are plummeting as a result of all this, so if you think Tesco are big and ugly enough to sort all this out and win everyone's trust again, it might be worth buying some stock and making hay while the sun shines.

TOPICS:   High Street News   Scams

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