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Tesco fined £129m over accounting scandal

Supermarket giant Tesco has been fined £129m by the Serious Fraud Office (SFO) for false accounting in 2014.

In September 2014 Tesco revealed that it had overstated its profit forecast for the first half of the year by £250m.

The fine relates to false accountng between February and September 2014, and is part of a deferred prosecution agreement between the retailer and the SFO. 

The deal means Tesco will not be prosecuted as long as it fulfils certain requirements, which include the paying of the fine.

A compensation scheme, thought to be worth £85m, has been agreed with the Financial Conduct Authority (FCA) for those who bought shares in Tesco from 29 August 2014 and 19 September 2014. 

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