UK FCA, SFO Tesco Accounts Market Abuse

On Jan. 23, 2019, UK SFO issued the deferred prosecution agreement with Tesco.

  • Via DPA Tesco Stores Limited accepted responsibility for false accounting practices.
  • Feb. to Sep. 2014, instead of working to safeguard financial interests of company
    and shareholders, culture encouraged illegal practices to meet accounting targets.
  • This included improperly pulling forward income from subsequent reporting periods.
  • Under the DPA Tesco has agreed to pay £129mn fine and £3mn investigation costs.
  • And undertake, implement ongoing compliance program during 3 year term of DPA.