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Fraud Office ends Tesco investigation after £129mln settlement

The supermarket group agreed to pay a £129mln fine for overstating its profits

The Serious Fraud Office has ended its investigation into Tesco PLC (LON:TSCO) following last month’s settlement.

The supermarket group agreed to pay a £129mln fine for overstating its profits and providing false accounts of its performance between February and September 2014.

Tesco had originally estimated this overstatement at £250mln but this was later revised up to £326mln.

The SFO added that Deferred Prosecution Agreement only related to Tesco Stores Limited, not some of the individuals involved where it has instituted criminal proceedings against three former Tesco executives.

At the time of the settlement, chief executive Dave Lewis said Tesco has fully co-operated in the investigation into its accounting practices over the past two years.

Read: TESCO TO PAY £129MLN FINE TO SETTLE 2014 ACCOUNTING SCANDAL

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