FIN.

SFO announces Tesco DPA

SFO has published the terms of a DPA it has entered into with Tesco Stores Ltd following events in 2014 which resulted in the company creating a false account of its financial position by overstating its profits. As part of the DPA, which was agreed in 2017 but in relation to which reporting restrictions have only now been lifted, the company agreed to pay a fine of £129m and £3m investigation costs. It also agreed to undertake and implement an ongoing compliance programme lasting 3 years.

SFO originally also charged three former senior managers over alleged financial misreporting, but these have not proceeded.  Tesco plc had already agreed a statutory compensation scheme following FCA actions under MAR.

 

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Emma Radmore