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Court approves Tesco deal to settle accounting charges
April 10, 2017 / 2:11 PM / 8 months ago

Court approves Tesco deal to settle accounting charges

LONDON, April 10 (Reuters) - A court approved a deal on Monday between Tesco, Britain’s biggest retailer, and the Serious Fraud Office (SFO) to settle a probe over a 2014 accounting fraud.

Court approval of the Deferred Prosecution Agreement (DPA), first detailed on March 28, means Tesco will pay a 129 million pound ($160 million) fine and the SFO’s full costs.

The DPA relates to false accounting by Tesco’s UK business, Tesco Stores Limited, between February and September 2014.

The scandal sparked the biggest crisis in Tesco’s near 100-year history.

The DPA only relates to the potential criminal liability of Tesco Stores Ltd, and does not address whether liability of any sort attaches to Tesco plc or any employee or former employee of Tesco plc or Tesco Stores Ltd. ($1 = 0.8072 pounds) (Reporting by James Davey, editing by Paul Sandle and Susan Thomas)

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