Three former Tesco executives have been charged as a result of the ongoing Serious Fraud Office (SFO) investigation into the supermarket giant.
Carl Rogberg, Christopher Bush and John Scouler have been charged with fraud by abuse of position and false accounting. The three will appear in court on 22 September.
Tesco said there had been "an extensive programme of change" since 2014, when the SFO began its investigation. The investigation was prompted by Tesco announcing that its profits had been overstated by £263M; which auditors found was because the retailer had brought forward rebates from suppliers.
Whatever the outcome of the case against the three men and the rest of the investigation, Tesco’s talk of extensive change amounts to an admission that its compliance procedures were not fit for purpose in 2014. Tesco - and the rest of us - are yet to know the full cost of these failings to the company.