The agreements between Tesco, the SFO and FCA are not an admittance by the company that it or any of its employees committed a criminal offence. Tesco will pay a £235m ($295m) settlement in relation to investigations into the supermarket’s 2014 accounting scandal by the UK’s Financial Conduct Authority (FCA) and Serious Fraud Office (SFO). The company will pay £129m under a deferred prosecution agreement with the SFO, and separately agreed with the FCA to pay £85m to compensate investors. Tesco’s chief executive, Dave Lewis, said that it was “deeply disappointed” at the FCA In 2014, Tesco confirmed that it had overstated profits by £326m.
Tesco will pay a £235m ($295m) settlement in relation to investigations into the supermarket’s 2014 accounting scandal by the UK’s Financial Conduct Authority (FCA) and Serious Fraud Office (SFO). The company will pay £129m under a deferred prosecution agreement with the SFO, and separately agreed with the FCA to pay £85m to compensate investors. Tesco’s chief executive, Dave Lewis, said that it was “deeply disappointed” at the FCA In 2014, Tesco confirmed that it had overstated profits by £326m.