Saturday, January 22, 2022

SFO to reach decision on Tesco by the end of the month

The Serious Fraud Office (SFO) has revealed it would reach a charging decision on the Tesco profit scandal by the end of November, according to Sky News.

It is likely the decision will relate to both Tesco and the three individuals who brought the UK‘s biggest retailer into the scandal two years ago.

 A deferred prosecution agreement (DPA) is reportedly once again a serious possibility.

If a DPA were to be granted, this would mean Tesco could make a full reparation for criminal behavior without a conviction, given they meet certain specified conditions. 

This is designed to prevent reputational damage and damages to innocent staff members and investors.

READ MORE: Tesco faces legal threat ahead of half-year results

Carl Rogberg, Christopher Bush and John Scouler have all denied charges of fraud by abuse of power. 

They are all currently under investigation by the SFO, as well as Tesco itself. The trial date was set last month for the Autumn of 2017.

It is unclear what charges Tesco would face, but it would be required to plead guilty to them outright and pay a significant financial sum.

Although it has not been confirmed whether a DPA would be secured, SFO director David Green has begun to use them more often and has stated that more will be struck in the near future.

Tesco has been embroiled in the scandal since they were forced to admit that their profits has been overestimated by £320 million for two years, which caused numerous shareholders to take legal action against the supermarket retailer.

”‹Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here