Tesco to suspend more senior staff over £250m accounting scandal
Tesco is expected to suspend more senior staff as part of its ongoing investigation into a £250m black hole, according to The Independent.
Five executives have already been asked to stand aside while an investigation by Deloitte and law firm Freshfields takes place, but sources close to the supermarket say further suspensions are “highly likely”.
It comes as Tesco asked its long-time headhunters Lygon Group to search for new board members after the supermarket was accused of having weak oversight, which led, in part, to the accounting scandal.
One source said: “Staff are concerned that those overseas don’t want to get tainted with the same brush affecting the UK teams, which could weaken the supermarket even further.”
The investigation is focusing on payments made by suppliers to Tesco which should have been banked at the end of the year, but were instead pushed into the first half to inflate figures by about £250m.
A source close to the company said: “We can expect further suspensions. The investigation is looking into several parts of the business and it would be highly likely that more staff will be asked to stand down.”
The Financial Conduct Authority is also running its own investigation into whether there was any wrongdoing and is said to be working closely with Deloitte and Freshfields.
Source: TheIndependent- Tesco to suspend more senior staff over £250m accounting scandal
