June 8, 2020 / 6:49 AM / a month ago

UK accounting watchdog closes remaining probe into Tesco

FILE PHOTO: A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble

LONDON (Reuters) - Britain’s accounting watchdog said it has closed its investigation into accountants at Tesco (TSCO.L) in relation to the British supermarket chain’s 250 million pound overstatement of profit in 2014.

The Financial Reporting Council had already closed its investigation into Tesco’s former chief financial officer in 2016, and into its former auditors in 2017.

The investigation into accountants working within Tesco had been paused pending the Serious Fraud Office’s trial of senior Tesco employees on charges relating to the overstatement.

A re-trial by the SFO of Tesco executives collapsed in 2018.

The FRC said that following the conclusion of SFO proceedings and consideration of material from the fraud agency, it has decided to end its investigation into the Tesco accountants.

Reporting by Huw Jones, editing by Louise Heavens

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