December 19, 2016
An investigation led by the U.K. Serious Fraud Office (SFO) into Tesco Plc group’s accounting practices may soon come to an end after a case against the company’s former commercial director has been dropped.
The SFO alerted Kevin Grace that it will not pursue charges against him, which would have been related to the accounting practices that resulted in the grocer overstating profits by as much as $407 million, according to Accounting Today.
The regulator also recently notified the company’s former CEO Philip Clarke that he would not be prosecuted. The investigation started in 2014 after the company alerted its investors that it overstated profits by millions. Three other ex-Tesco managers are still set to stand trial next year.