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Tesco handed £214 mn in penalties over false accounting [Yahoo! Finance News]

Artisan Partners Asset Management Inc. Class A (APAM) 
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US:NYSE Investor Relations: apam.com
Tesco handed £214 mn in penalties over false accounting London (AFP) - Supermarket Tesco has agreed to a fine and compensation costs totalling £214 million ($268 million, 247 million euros) after an accounting scandal at Britain's biggest retailer, the Serious Fraud Office said Tuesday. Under an SFO deal that draws a line under the scandal stretching back three years, Tesco will not face prosecution. However, charges have previously been brought against three former Tesco executives, who will face trial over alleged fraud and false accounting. "Tesco... has in principle reached a deferred prosecution agreement with the UK Serious Fraud Office regarding historic accounting practice," the supermarket giant said in a statement. This "is a voluntary agreement under which Tesco Stores Limited will not be prosecuted provided the business fulfils certain requirements, including paying a financial penalty of £129 million". In addition, Tesco will compensate shareholders by around £85 mill Show less Read more
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