Tesco chief executive Dave Lewis has told a court about his surprise and shock when he learned the retailer’s profits had been misstated by £326 million. Lewis told the trial of three men accused of failing to correct inaccurately recorded income figures which were published to the market, that once he was made aware of the issue he thought it was “very important” the matter was investigated quickly. The trial, which began at the end of September, relates to a £263 million back hole that was revealed in Tesco‘s trading update on August 29, 2014
The trio of former Tesco executives on trial for fraud have been accused by prosecutors of “cooking the books” and bullying subordinates into compliance.
The trial of three former Tesco executives over the £326 million accounting scandal in 2014 is due to start today. The grocer’s former UK boss Chris Bush, former finance director Carl Rogberg and former commercial director John Scouler – were charged last year with offences including false accounting and fraud by abuse of position. The trio, who have all pleaded not guilty, are due to stand trial at Southwark Crown Court today