Basic Search  |  Summaries  |  Advanced SearchPenalty: £132,000,000
Year: 2019
Date: 23 January, 2019
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: According to the SFO, between February and September 2014, instead of working to safeguard the financial interests of the company and its shareholders, a culture existed at Tesco that encouraged illegal practices to meet accounting targets, including improperly recognised income in the UK accounts, by pulling forward income from subsequent reporting periods. A deferred prosecution agreement was announced in 2017 but its details were not revealed until 2019.
Action Type: agency action
Settlement Type: deferred prosecution agreement
Agency: Serious Fraud Office
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: retailing
Specific Industry of Parent: retail-supermarkets
Source of Data: (click here)