Tesco is fined £129m
TESCO has agreed to pay a £129million fine over its accounting scandal so it can escape prosecution.
The UK’s biggest supermarket said its subsidiary Tesco Stores had entered a deferred prosecution agreement with the Serious Fraud Office.
The deal will require court approval on April 10.
The news came after the financial watchdog concluded that Tesco had committed market abuse when it inflated profits by £263m in a trading update on August 29, 2014, causing shares to rise.
Tesco chief executive Dave Lewis said the company was doing everything it could to “restore trust”.