Money: Ex-Tesco directors cleared over £250m profit scandal - PressFrom - United Kingdom

MoneyEx-Tesco directors cleared over £250m profit scandal

04:40  07 december  2018
04:40  07 december  2018 Source:

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Former Tesco bosses Chris Bush and John Scouler cleared of £250m fraud after case collapses [The Independent]

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Two former Tesco bosses have been cleared of all charges in a £ 280m fraud and false accounting scandal after the case against them collapsed. More than £ 2bn was wiped off the company's market valuation in the days after the announcement. Tesco later found that profits had actually been

The DPA relates to Tesco subsidiary Tesco Stores Ltd. The supermarket group has separately agreed with He admitted the Tesco brand had been damaged by the disclosure of the accounting scandal , but The FCA has stated in a ruling that it is not suggesting the Tesco board of directors knew, or

Two former Tesco directors have hit out at the Serious Fraud Office (SFO) after being formally cleared of fraud and false accounting in relation to a £250m overstatement of profits by the chain.

Chris Bush, the chain's ex-UK managing director, and former food commercial director John Scouler, denied the charges.

Ex-Tesco directors cleared over £250m profit scandal © PA John Scouler and Chris Bush have waited four years to clear their names They were accused of being aware that income was being wrongly included in the company's financial records to meet targets and bolster the company's financial position.

The issue came to public attention in September 2014 when the UK's largest retailer told the City that financial statements issued the previous month had overstated profits by about a quarter of a billion pounds.

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Three ex - Tesco executives will face a re-trial related to a £ 250 m accounting scandal at the retailer, the UK Serious Fraud Office said on Friday. A five month criminal trial of the three men had to be abandoned last month in its closing stages after one of the defendants suffered a heart attack.

Tesco is expected to suspend more senior staff as part of its ongoing investigation into a £ 250 m black hole, The Independent has learnt. As head of Tesco ’s audit committee, Ken Hanna is reported to be most likely non-executive director to leave. Yesterday he was overseas and unavailable for comment.

Ex-Tesco directors cleared over £250m profit scandal © Getty The trial related to financial statements made to the City in August 2014 The trial, at Southwark Crown Court, was formally halted on Thursday after the jury was informed that the judge had thrown out the case and that the decision had been upheld at the Court of Appeal.

Trial judge, Sir John Royce, told the court: "I concluded that, in certain crucial areas, one in particular, that the prosecution's case was so weak that it should not be left for a jury's consideration."

He added that the "real weakness" was the question of proving knowledge.

Ex-Tesco directors cleared over £250m profit scandal © Sky News Screen Grab John Scouler, Carl Rogberg and Christopher Bush have denied any wrongdoing During the trial, the jury was told the case was a retrial, and that a third man, former UK finance director Carl Rogberg, is charged with identical offences but is not currently well enough to stand trial.

A decision is now due to be made by the SFO in relation to its case against Mr Rogberg following the acquittals of Mr Scouler and Mr Bush.

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Tesco has agreed with the Serious Fraud Office to pay a £ 129m fine for overstating its profits in 2014. Two ex - PricewaterhouseCoopers staffers were found guilty in Luxembourg of stealing confidential tax files that helped unleash a global scandal over generous fiscal deals for hundreds of

Tesco scandal – the perils of aggressive accounting. Tesco has been found to have overstated it profits by £ 263m after revenue recognition irregularities were spotted in its half-year results, with regulators including the Financial Conduct Authority (FCA) set to decide on a suitable punishment.

The latest legal development came to light 20 months after Tesco reached a so-called Deferred Prosecution Agreement with the SFO in connection with the profit overstatement, which saw the company take a fine and agree to compensate shareholders without addressing the issue liability.

In a statement, Mr Bush said: "While I am delighted that my innocence has finally been established, it is troubling that Mr Scouler and I were ever charged.

"Put simply, these charges should never have been brought, and serious questions should be asked about the way in which the SFO has conducted this investigation.

"In my view, the SFO wholly failed to investigate this case thoroughly, independently or fairly from the outset."

Richard Sallybanks, a partner at BCL Solicitors who represented Mr Scouler, said: "We have long argued that the SFO's prosecution of Mr Scouler was fundamentally flawed, that he should not have been charged and that the SFO should not have proceeded with this trial.

"Mr Scouler has maintained since the outset of this investigation that he was not guilty of fraud and false accounting, and those close to him always knew that to be the case."

Banks face hangover from £250m Kier cash call.
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