Tesco nearing deal with Serious Fraud Office over accounting scandal - Sky | Reuters

LONDON Britain's biggest retailer Tesco is in advanced talks with the Serious Fraud Office (SFO) over a plea deal that would involve it paying a large fine over its 2014 profit overstatement, Sky news said on Saturday.Sky said it had learned that lawyers acting for Tesco are closing in on a deferred prosecution agreement (DPA) following months of discussions with the SFO. It cited unnamed sources as saying that a deal could be struck within weeks, although there was no certainty a final agreement would be reached.The amount of any fine would be well over 100 million pounds ($125 million) it added.

Reuters March 25, 2017 22:03:23 IST
Tesco nearing deal with Serious Fraud Office over accounting scandal - Sky
| Reuters

Tesco nearing deal with Serious Fraud Office over accounting scandal  Sky
 Reuters

LONDON Britain's biggest retailer Tesco is in advanced talks with the Serious Fraud Office (SFO) over a plea deal that would involve it paying a large fine over its 2014 profit overstatement, Sky news said on Saturday.Sky said it had learned that lawyers acting for Tesco are closing in on a deferred prosecution agreement (DPA) following months of discussions with the SFO.

It cited unnamed sources as saying that a deal could be struck within weeks, although there was no certainty a final agreement would be reached.The amount of any fine would be well over 100 million pounds ($125 million) it added.

No comment from Tesco was immediately available.

Tesco issued a statement to the Stock Exchange in September 2014 saying that during its final preparations for an interim results announcement it had identified a 250 million pound overstatement of first-half profit, mainly because it booked commercial deals with suppliers too early.The discovery led to the suspension of eight senior members of staff, sent Tesco's shares tumbling and plunged the company into the worst crisis in its near 100-year history. (Reporting by Stephen Addison, editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.