Criminal Investigation for Tesco

Tesco faces a criminal investigation by the Serious Fraud Office after it overstated its profits by £263 million. This is on top of an investigation by Deloitte which was completed yesterday and investigations being carried out by the Financial Conduct Authority and the City Watchdog.

The overstatement was due to misbooking of supplier payments regarding promotions. The news continues to get worse for Tesco which announced a 92% fall in profits and its share price falling 50% in the last 12 months. Eight executives have been suspended and Tesco has abandoned its attempts to trade mark the blue dashes under its logo (click here for more information).

We will have to wait and see for the results of the SFO’s investigation.

share this Article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Recent Articles

Overview of IP rights

The pandemic has caused many businesses to invest in selling their goods or services online. This has meant that many businesses have had to invest

Burberry granted injunction against Baneberry

Multi billion-dollar luxury fashion brand Burberry has been granted a preliminary injunction against Chinese copycat brand Baneberry/ The alleged infringers were discovered when Xinboli Trading