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UK watchdog launches investigation into Tesco accounting scandal
October 1, 2014 / 6:13 AM / 3 years ago

UK watchdog launches investigation into Tesco accounting scandal

LONDON, Oct 1 (Reuters) - Tesco said Britain’s financial watchdog had started a full investigation into the company in the wake of an accounting scandal which wiped 3 billion pounds ($4.86 billion) from the British grocer’s stock market value last month.

“Tesco will continue to co-operate fully with the Financial Conduct Authority and other relevant authorities considering this matter,” the company said in a statement on Wednesday.

Tesco announced on Sept. 22 that it had overstated first-half profit by 250 million pounds - effectively its third profit warning in two months. It suspended four senior executives and launched its own investigation, calling in forensic accountants and lawyers. (1 US dollar = 0.6174 British pound) (Reporting by Sarah Young, editing by James Davey)

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