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Serious Fraud Office plans Tesco criminal investigation Serious Fraud Office starts Tesco criminal investigation
(35 minutes later)
The Serious Fraud Office (SFO) is carrying out a criminal investigation into accounting irregularities at supermarket giant Tesco.The Serious Fraud Office (SFO) is carrying out a criminal investigation into accounting irregularities at supermarket giant Tesco.
Tesco says it has been "cooperating fully" with the SFO.Tesco says it has been "cooperating fully" with the SFO.
Last week, the supermarket announced that its profits had been overstated by £263m, up from an initial estimate, made last month, of £250m.Last week, the supermarket announced that its profits had been overstated by £263m, up from an initial estimate, made last month, of £250m.
The new probe means a investigation by Financial Conduct Authority will be ended, Tesco said.The new probe means a investigation by Financial Conduct Authority will be ended, Tesco said.
The SFO confirmed the probe, but declined to give further details.The SFO confirmed the probe, but declined to give further details.
The accountancy firm Deloitte last week completed its investigation into Tesco's misreported profits.The accountancy firm Deloitte last week completed its investigation into Tesco's misreported profits.
It found that they were overstated by £118m in the first half of this year, by £70m in the 2013-2014 financial year and by £75m before that.It found that they were overstated by £118m in the first half of this year, by £70m in the 2013-2014 financial year and by £75m before that.
Suspended executivesSuspended executives
The UK accountancy regulator, the Financial Reporting Council, is also monitoring Tesco.The UK accountancy regulator, the Financial Reporting Council, is also monitoring Tesco.
The supermarket giant's shares have lost more than half their value in the last 12 months, tumbling from 369.10 pence.The supermarket giant's shares have lost more than half their value in the last 12 months, tumbling from 369.10 pence.
Tesco rose 2.3% today to 173.7 pence, while the FTSE 100 advanced 1%.Tesco rose 2.3% today to 173.7 pence, while the FTSE 100 advanced 1%.
Tesco had been doing deals with suppliers over promotions, which is commonplace for supermarkets.Tesco had been doing deals with suppliers over promotions, which is commonplace for supermarkets.
But it appears Tesco had been booking returns from those promotions too early, while pushing back the costs.But it appears Tesco had been booking returns from those promotions too early, while pushing back the costs.
Eight executives have been suspended since that practice was revealed.Eight executives have been suspended since that practice was revealed.
Tesco has said there was no evidence of personal gain from the mis-statement.Tesco has said there was no evidence of personal gain from the mis-statement.