Dec 6, 2018

Tesco directors acquitted in fraud trial

Two former Tesco directors have been acquitted of charges of fraud and false accounting after the judge dismissed their case due to lack of evidence. Chris Bush, ex-UK managing director, and John Scouler, ex-UK food commercial director, were accused of manipulating figures that resulted in Tesco's profits being massively overstated. In August 2014, Tesco said it expected half-year profits to be about £1.1bn. However, weeks later, it said profits had been overstated by about £250m. Both men had denied the charges. At the time they had benefits packages with Tesco of more than £1m each. The profits numbers had been flattered from £1.1bn to £250m by early recognition of payments from suppliers who sell their goods in the supermarket's stores, as well as delays in charging costs.

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