Company - - Dec 11,2018
Two former directors of Tesco Plc were given a clear sheet from criminal fraud charges imposed in the 2014 accounting scandal that led to the refurbishment of the U.K. grocer’s supplier relationships.
Two former Tesco directors have been proven innocent in fraud charges associated with the 2014 accounting scandal, which dropped a major shock to the UK Serious Fraud Office.
Christopher Bush (managing director) of Tesco U.K. and John Scouler (food commercial director) were accused of serious deception in 2014 to sustain Tesco's share price as well as acquire massive compensation packages.
On Thursday, Judge John Royce informed the jury present at London's Southwark Crown Court that both the accused had been cleared by the Court of Appeal.
According to Judge John Royce, the prosecution was unsuccessful to prove the wrongdoings of the two Tesco executives and they weren’t aware of the fraudulent activity which had taken place. Moreover, a Tesco accountant who went through the statistics affirmed that he himself wasn’t aware of the ongoing fraud, as stated by Royce in front of the London jury.
It has been a huge embarrassment for the company since the prosecutors have failed to validate the allegations. The scandal had embarked a major overhaul since the accounting issues were revealed to the public.
Dave Lewis, Tesco CEO who was appointed after the case popped out, labeled a report he was offered after joining the office as “a way of operating which I had never seen.”