Tesco fined 129 million pounds for accounting scandal | Progresiv
Tesco has agreed to pay a fine of 129 million pounds to avoid prosecution for overstating its profits back in 2014, along with compensation to shareholders worth around 85 million pounds. 
A statement issued by the retailer said that its UK subsidiary, Tesco Stores Limited, had in principle reached a Deferred Prosecution Agreement (DPA) with the Serious Fraud Office (SFO) regarding its accounting practices which rocked the business and led to a major overhaul of its strategy and management team.
The proposed DPA was the subject of a preliminary court ruling yesterday, and the SFO and Tesco Stores Limited will now seek final judicial approval to the DPA from the court on 10 April 2017.
The DPA is a voluntary agreement under which Tesco Stores Limited will not be prosecuted provided the business fulfils certain requirements, including paying a financial penalty of 129 million pounds.
Tesco stated that its extensive programme of change had been recognised by the SFO in offering the DPA. This programme has included changes to its leadership, structures, financial controls, partnerships with suppliers, and the way the it buys and sells. (www.kamcity.com)
