2 December 2016
Former Tesco boss, Philip Clarke, will face no charges from the Serious Fraud Office (SFO) over the supermarket giant’s £326m accounting scandal.
Discrepancies in the books became apparent in 2014, when Clarke was chief executive. Tesco had artificially enhanced its reported profits by forcing suppliers to accept late payments for goods.
The SFO has told Clarke that there is insufficient evidence to provide a realistic chance of conviction. While the SFO has cited a lack of evidence, there is also likely to have been strong representation from Clarke’s legal team to rebut any allegations – a crucial tactic in any defence.
Three former senior Tesco executives have already been charged with false accounting and fraud by abuse of position and the SFO investigation is ongoing.