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22/09/2014
Tesco Executives Suspended In Profit Investigation
The managing director of Tesco's UK has been suspended, along with three other executives, as part of an investigation into overstated half-year profits.
It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
Tesco chief executive Dave Lewis, who started in the role on 01 September, confirmed that 'a number of people' had been suspended from duty "to facilitate the fullest and deepest investigation possible". He stressed though that this was not "disciplinary or an admission of guilt".
(MH/IT)
It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
Tesco chief executive Dave Lewis, who started in the role on 01 September, confirmed that 'a number of people' had been suspended from duty "to facilitate the fullest and deepest investigation possible". He stressed though that this was not "disciplinary or an admission of guilt".
(MH/IT)
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