View more on these topics

SFO to question ex-Tesco boss over accounting black hole


Former Tesco chief executive Philip Clarke is set to be questioned by the Serious Fraud Office over the company’s £250m accounting black hole.

Clarke will be quizzed over how the supermarket group overstated its half-year profit forecast by £250m, which was revealed in October 2014, Bloomberg reports.

Clarke left Tesco in July 2014 , handing over to Dave Lewis.

Earlier this year Tesco posted a record £6.4bn loss, one of the largest in UK corporate history. This compares to a £2.3bn pre-tax profit recorded the previous year.

The SFO will interview Clarke as well as former commercial director Kevin Grace. Former UK finance director Carl Rogberg has already been interviewed.

The fraud office began investigating Tesco after the firm admitted the accounting error and nine senior members of staff were suspended.

The FCA is also investigating the case.

The SFO and Tesco declined to comment.


HSBC to drop plans for Midland Bank rebrand

HSBC will decide against plans to bring back Midland Bank as part of a rebranding of its UK branches, according to reports. Chief executive Stuart Gulliver announced the bank would seek a separate identity for UK retail banks in June. Chairman Douglas Flint later told the FT the return of the Midland brand was “odds-on […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment