Oct 2, 2017

Jury told former Tesco executive lied to chairman

Three former senior Tesco executives carried on "Conniving and manipulating" after a hole in Tesco's accounts began "Spiralling out of control" during the first half of 2014, a jury has heard. Carl Rogberg, 50, Christopher Bush, 51, and John Scouler, 49, are on trial over a £250m accounting scandal in which it emerged Tesco had overinflated profits and was forced to issue a correction to the stock market in September 2014. A jury at Southwark Crown Court on Monday heard of increasingly frantic attempts to deal with the growing hole in Tesco's accounts during the first half of 2014 - including Mr Rogberg telling a "Bare faced lie" in a meeting with Tesco's then chairman Sir Richard Broadbent. Sasha Wass QC, prosecuting, told a jury that Tesco had set "Unrealistically high" targets for 2014 and the three defendants were all aware income was being pulled forward from a future period to fill the accounting hole. At the meeting, another Tesco finance executive suggested there was a £20m shortfall in the accounts but Mr Rogberg "Fronted it out" and claimed this was a misunderstanding, the court heard.

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