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Tesco suspends more employees - UK
Tesco suspends more employees - UK

Tesco suspends more employees - UK

RETAILER NEWS

IOL Business - Oct 15th 2014, 11:22

London - Britain's biggest retailer Tesco has removed another three employees from their jobs as it continues to probe a 250 million pounds (R4.4 billion) profit overstatement.  

The latest suspensions, announced on Tuesday, take the total number of suspended employees to eight.

“We have asked three employees to step aside to facilitate the investigation into the potential overstatement of profits in UK food for the first half of the year,” said a representative for the firm.

The identities of the three were not disclosed.

Tesco said it would provide an update on the investigation with its interim results on October 23.

The overstatement, relating to payments from suppliers and first disclosed on September 22, has knocked over 4 billion pounds off Tesco's stock market value.

The stock was down 1 percent at 178.7 pence at 12:14 GMT (14:14 SA time).

People familiar with the situation have named the first five suspended executives as UK managing director Chris Bush, UK finance director Carl Rogberg, commercial director John Scouler food sourcing director Matt Simister and group commercial director Kevin Grace.

The Financial Conduct Authority is also investigating Tesco.From © Independent On-line 2013. All rights reserved. 

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