A Tesco accounting scandal that wiped 4 billion pounds from the firm’s stock market value, and led to the suspension of four elite executives, has sparked a Financial Conduct Authority (FCA) investigation into the retail giant’s bookkeeping.
Britain’s biggest grocer, and the world’s third-largest retailer, shocked UK and global investors when it publicly announced on September 22 it had overstated its profits for the first half of 2014 by 250 million pounds (US$405 million).
The scandal first came to light on September 19 following a whistleblower’s decision to alert Tesco to the accounting issue.
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