Tesco faces a criminal investigation by the Serious Fraud Office after it overstated its profits by Â£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 SFOÂs investigation.