Tesco to pay £214m fine, com­pen­sa­tion

New Straits Times - - Business -

LON­DON: Tesco Plc is to pay a £129 mil­lion (RM715.95 mil­lion) fine to avoid pros­e­cu­tion over the United King­dom gro­cer’s 2014 ac­count­ing scan­dal and an­nounced a £85 mil­lion com­pen­sa­tion pack­age for in­vestors. It said its Tesco Stores Ltd unit had reached a de­ferred pros­e­cu­tion agree­ment with the Se­ri­ous Fraud Of­fice af­ter a two-year in­ves­ti­ga­tion into false ac­count­ing, sub­ject to court ap­proval next month. Those in­vestors who bought its shares be­tween Au­gust 29 and Septem­ber 19 in 2014 will be el­i­gi­ble for com­pen­sa­tion of 24.5 pence (RM1.36) a share, plus in­ter­est.

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