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SFO to investigate Tesco’s accounting irregularities

The Serious Fraud Office is to launch a criminal investigation into accounting irregularities at Tesco, as early as next week.

The Financial Conduct Authority was already investigating allegations that the supermarket overstated its profit. Tesco is also running its own internal investigation into the £263m profit overstatement, led by Deloitte and legal firm Freshfields.

The SFO has notified Tesco of its intention to formally investigate the issue and the launch of the probe will be revealed in a stock exchange announcement, according to Sky News.

Tesco has suspended eight senior managers including UK managing director Chris Bush and commercial director Kevin Grace as a result of the scandal and the supermarket’s chairman Sir Richard Broadbent said he would step down from the business last week.

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