Skip to main content

Tesco’s former CEO to be questioned by SFO

| International retailers

Tesco’s former Chief Executive, Philip Clarke, is reportedly set to be interviewed by the Serious Fraud Office (SFO) over last year’s accounting scandal. .

Citing people with knowledge of the probe, a report by Bloomberg said that Clarke and ex-Commercial Director Kevin Grace are being asked to come in for interviews under caution as part of the SFO’s investigation. The report added that former UK Finance Director Carl Rogberg was questioned earlier this summer, whilst ex-head of UK operations Chris Bush has also been summoned to talk to the SFO.

The SFO began its probe into Tesco last October after supermarket revealed that it had overstated its profits by £263m - a figure that has since risen to over £300m. As well as the SFO probe, Tesco is facing a lawsuit from disgruntled shareholders who saw the value of their stakes in the company plummet after the revelation came to light. The Financial Reporting Council (FRC) is also probing the role of Tesco’s accountant at the time PwC in the scandal, whilst the Groceries Code Adjudicator is investigating the supermarket over delayed payments to suppliers.

The Bloomberg report said that the SFO’s main investigation could be completed by the end of the year with Tesco reaching an early settlement given its high level of cooperation. The group could benefit from a so-called deferred prosecution agreement (DPA) where a prosecution is suspended for a period of time in return for a company cooperating and agreeing to a number of conditions such as paying a fine and helping bring cases against individuals.

Pin It

Related Articles

Spar reports growth of 3.3% as global retail sa...

SPAR, the world’s largest food retail voluntary chain, has seen annual retail sales break the €40 billion mark for the first time, today reporting global sales revenue of €41.2 billion for the year ending December 31st, 2021. The figures represent...

Informal Retail in Africa: Could Technology be ...

Since the turn of the century and consistently for nearly a decade before the COVID-19 pandemic ravished global markets, Africa was home to the fastest growing economies. The shoots of positive growth it demonstrated afforded it the title of the “...

Consumers need a good reason to shop this Black...

Last year’s Black Friday retail sales massively underperformed for many reasons, according to Marino Sigalas, Account Director at The MediaShop. He says that some consumers were not comfortable with the thought of being shoulder to shoulder with o...

Checkers launches deals onto its Sixty60 home d...

Retailer Checkers says that customers using its Sixty60 home delivery service will now be able to benefit from its Xtra Savings rewards programme.

SA wipe manufacturer Sani-touch is ahead of the...

In the UK a government minister is calling for a new law to ban wet wipes that contain plastic. Labour minister Fleur Anderson argues that around 90% of the 11 billion wet wipes used in the UK per year contain some form of plastic that turns into ...