SFO launches criminal probe into Tesco accounting error

The Serious Fraud Office (SFO) has launched a criminal inquiry into Tesco after its accounting failure led the firm to overstate profits by £263m, according to reports.

The SFO said today it has formally opened an investigation into the supermarket. The Financial Conduct Authority's own probe has been brought to an end as a result. The investigations relate to an accounting error which saw the firm overstate its estimated half-year profits by £263m. The retailer has suspended eight senior employees in response to the scandal, which relates to payments from suppliers. "The SFO confirmed today that [its director, David Green] has opened a criminal investigation into accounting practices at Tesco plc," the body said in a statement. Tesco separately a...