United Kingdom: Tesco scandal investigation dropped by Financial Reporting Council

The accountancy watchdog has dropped its five-year investigation into an accounting scandal at Tesco that left a black hole in the supermarket group’s figures.

The Financial Reporting Council said yesterday that it had closed its inquiry into a profit overstatement of £326 million that the FTSE 100 company revealed in September 2014.

The regulator’s investigation was into the accountants within Tesco but has ended without any action being taken.

The move concludes a controversy that cast a shadow over Britain’s biggest retailer. The problem came to light shortly after Dave Lewis took over as Tesco’s chief executive. Mr Lewis, 55, is leaving the company this summer, having revived its fortunes.

The full original article can be found at thetimes.co.uk

(Photo: TOLGA AKMEN/AFP/GETTY)

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