Serious Fraud Office scrutinises Tesco as grocer’s woes escalate

It’s not happy days at Tesco at the moment.

Following the announcement from Britain’s biggest grocer that it had overstated its profits by an incredible £250m, which led to four senior executives’ suspension, the Serious Fraud Office has said it is “following developments at Tesco with interest”.

The major error has forced Tesco to investigate whether deliberate manipulation was a factor in conjuring the non-existent millions.

It also emerged that Tesco’s outgoing finance director Laurie McIlwee has not been undertaking any formal duties since he announced his resignation back in April. The crisis has meant that McIlwee’s replacement, Alan Stewart, has been parachuted into the role two months early.

Meanwhile the Financial Conduct Authority has also been alerted to Tesco’s troubles, and it is thought that the retailer may have to restate accounts going back as far as 2011.

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