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Tesco facing huge fine over accounting scandal

| International retailers

Tesco is reportedly in advanced talks with the Serious Fraud Office (SFO) over a plea deal that would involve it paying a huge fine for the profit overstatement that rocked the business back in 2014.

According to Sky News, lawyers acting for the retailer are closing in on a deferred prosecution agreement (DPA) following months of discussions with the SFO.  The report quotes unnamed sources who said that a final deal could be struck within weeks, but adding that there was no certainty that an agreement would be reached.

Sky News said that the DPA would involve Tesco Stores Ltd., the supermarket’s British subsidiary, pleading guilty to offences likely to relate to the way it accounted for profits in the period leading to the scandal’s exposure. It added that the fine could be well over £100m.

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