UK fraud office charges 3 over Tesco profits overstatement

AP News
Posted: Sep 09, 2016 7:36 AM

LONDON (AP) — Britain's Serious Fraud Office says it has charged three executives of supermarket chain Tesco over an accounting scandal in which the company overstated its profits.

Former finance director Carl Rogberg, ex-U.K. managing director Christopher Bush and former U.K. food commercial director John Scouler were charged Friday with fraud and false accounting. They are due to appear at a London court on Sept 22.

They are among eight Tesco executives suspended in 2014 after the company's half-year profit was overstated by some 250 million pounds ($497 million at the time) due to alleged accounting errors.

The fraud office says its investigation is continuing.

Tesco is one of the world's biggest retailers, but has struggled to compete in Britain with low-cost rivals such as Aldi and Lidl.