- Britain's Financial Conduct Authority has begun an investigation into the accounting scandal at Tesco (OTCPK:TSCDF, OTCPK:TSCDY) which wiped €3B ($4.9B) from the troubled grocer's stock market value last month.
- The profit overstatement, which related to the mis-booking of rebate payments from suppliers, follows a string of disappointing results at the company.
- Since the announcement, Tesco has suspended four senior execs and launched its own investigation through Deloitte to look into the discrepancy.