Daily Management Review

Ex-Tesco Executives Have Been Accused For Committing Fraud


09/26/2016


SFO carried out an investigation against the former Tesco executives, while the final sentence is still being waited upon.



After the investigation carried out by the Serious Fraud Office, the three former executives of “Tesco” were pleaded of not being guilty of committing fraud. The charges were brought against the following a scandal that involved “a £263m black hole” in Tesco’s finances.
 
The three involved in the said case were, ex-managing director, Chris Bush, ex-director of finance, Carl Rogberg, along with the ex-director of “commercial food”, John Scouler. All the three denied the charges before the “Westminster Magistrates Court” trial.
 
The SFO brought down the charge on them on the 9th of September, accusing them for abusing their position while committing fraud by “false accounting” in between the period of February 2014 to the month of September 2014. The likewise charges, if proven guilty, send the accused behind the bars with a “prison sentence of up to 10 and seven years respectively”.
 
The accused were bailed out while they are to be present at the “Southwark Crown Court” for a “plea hearing” on the 20th of October 2016. As per Digitallook:
“In September 2015 the supermarket said it had inflated its profits by £250m, which later grew to £263m, by allegedly delaying and deducting millions of pounds from suppliers”.
 
References:
http://www.digitallook.com/







Science & Technology

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

World Politics

World & Politics

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'

Heads of the European Council and European Commission sign Brexit agreement

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange

IMF allocates Ecuador $ 500 mln more to support reforms