Dec 16, 2016
Former Tesco executive avoids charges in probe
The Serious Fraud Office has told Kevin Grace, Tesco's former group commercial director, that he will not face charges in its probe over a £326m hole in the UK retailer's accounts, according to two people familiar with the situation. The move comes two weeks after the SFO told Philip Clarke, the former Tesco chief executive, that he would also not face charges in the probe and could signal that the prosecutor is nearing a decision on whether to charge the retailer itself. The SFO charged three other former senior Tesco executives in September with fraud and false accounting in a probe that was triggered in 2014 when Dave Lewis, the retailer's incoming chief executive, revealed the group had overstated its profits by £263m, a hole that later grew to £326m. The three men - Christopher Bush, the ex-UK managing director, Carl Rogberg, the former UK finance director and John Scouler, the former UK commercial director, who have all indicated they will plead not guilty - are to stand trial in September 2017. The SFO has not charged anyone at a senior or board level at Tesco group. The charges against Christopher Bush, the UK managing director, could potentially leave Tesco UK liable to charges and open the way for a DPA with Tesco UK, rather than Tesco Plc, two lawyers said.
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