Tesco agreed to pay compensations for inflating the price of its securities
Britain’s biggest supermarket chain, Tesco, has agreed to pay $269 million in fines and shareholder compensation following an accounting scandal that inflated its profits in 2014.
The UK’s Serious Fraud Office says Tesco Plc agreed to pay a fine of 129 million pounds as part of deferred compensation agreement.
In addition, the Financial Conduct Authority has found that Tesco committed “market abuse” when it overstated earnings on August 29th, 2014. This inflated the price of Tesco shares and bonds and wasn’t corrected until September 22nd, 2014. Tesco has agreed to pay an estimated 85 million pounds to investors who bought its securities during the period.