Two Former Tesco Executives Acquitted in Fraud Trial
December 07 2018 - 7:06PM
Dow Jones News
By Mengqi Sun
Former executives at subsidiaries of Tesco PLC were acquitted in
a 2014 fraud case related to the British retailer's accounting
practices.
The U.K's Serious Fraud Office opened an investigation in
October 2014 after Tesco disclosed it had overstated its profit by
more than GBP250 million.
The office in 2016 charged each of three former executives, Carl
Rogberg, Christopher Bush and John Scouler, with accounting fraud
and abusing their positions.
The Court of Appeal on Wednesday upheld a "no case to answer"
decision in the retrial against Messrs. Bush and Scouler, ruling
there was insufficient evidence for a jury to consider.
The first trial against the three defendants was discontinued in
February. The SFO appealed the decision after a judge decided there
was insufficient evidence for a case against Messrs. Bush and
Scouler in a retrial, which began in October.
Mr. Rogberg wasn't part of the recent retrial and the SFO is
still evaluating whether to pursue a retrial of him considering the
latest judgment.
Tesco in March 2017 entered into a deferred-prosecution
agreement with the SFO regarding its accounting practices, agreeing
to pay GBP129 million in penalties plus the SFO's cost.
(END) Dow Jones Newswires
December 07, 2018 18:51 ET (23:51 GMT)
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