Serious Fraud Office to investigate Tesco

The Serious Fraud Office (SFO) has opened a criminal investigation into accounting practices at Tesco PLC.  The announcement can be found here.   Last week Tesco PLC reported that an overstatement of profits has led to a £263m shortfall in expected profits.  Tesco has issued a statement:-

“Tesco confirms that it has been notified by the Serious Fraud Office that it has commenced an investigation into accounting practices at the company.  Tesco has been cooperating fully with the SFO and will continue to do so.  Tesco has been notified by the Financial Conduct Authority that, in light of the SFO investigation, its investigation will be discontinued.”

The full news release by can be found Tesco PLC here.