Tesco executives to go on trial in September next year October 20, 2016 Three former Tesco executives have appeared in court today on fraud charges and a trial date has been set for September next year. Former finance director for Tesco UK Carl Rogberg, 49, ex-UK managing director Christopher Bush, 50, and ex-commercial director for food John Scouler, 48, have been charged with one count of fraud by abuse [...]
Tesco faces legal action from shareholders over accounting scandal October 3, 2016 Tesco faces fresh legal action over its accounting scandal in 2014. A group of investors are bringing a £150m lawsuit against the retailer, saying they have suffered financially due to the £328m black hole that was discovered in Tesco's accounts two years ago. After it emerged that Tesco had overstated its profits, its share price plunged [...]
Three former Tesco executives have pleaded not guilty to fraud charges September 22, 2016 Three former Tesco executives today pleaded not guilty at Westminster Magistrates' Court on charges stemming from the fraud squad's probe into accounting issues at the supermarket giant. Former finance director for Tesco UK Carl Rogberg, 49, ex-UK managing director Christopher Bush, 50, and ex-commercial director for food John Scouler, 48, were each charged earlier this month with one [...]
Supermarket sales continue to edge upwards in the months following the Brexit vote September 20, 2016 Supermarket sales continued to edge upwards this month, increasing by 0.3 per cent for the three months ending 11 September. The growth was against a backdrop of price deflation of 1.1 per cent. Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, said: “While overall sales growth has been slow, consumers have been keen [...]
Three former Tesco executives have been charged by the SFO in relation its accounting scandal September 9, 2016 Three former Tesco executives have been charged with fraud by the Serious Fraud Office (SFO) in relation its accounting scandal. The ex-financial director Carl Rogberg, former commercial director John Scouler and the former UK managing director Christopher Bush have been charged for their role in the retailer's profit overstatement. They have each been charged with one count of [...]
PCP Capital Partners alleges Barclays loaned $3bn (£2.3bn) to Qatar to fund purchase of bank’s shares September 1, 2016 An investor is alleging Barclays handed Qatar a $3bn (£2.3bn) loan so it could purchase the bank's shares. PCP Capital Partners has filed documents containing the allegation at the High Court. According to documents seen by Sky News, which first reported the story today, the alleged loan was made in 2008, at a time when the [...]
Ex-Barclays trio in bid to appeal their Libor convictions August 15, 2016 Former Barclays bankers Jonathan Mathew, Alex Pabon and Jay Merchant have applied to appeal their convictions for Libor-rigging offences, which were handed down last month. City A.M. can reveal that applications have been lodged on behalf of the three men, who were found guilty of one charge each of conspiracy to defraud on grounds they conspired to [...]
Pensions Regulator’s powers must be strengthened so it can crack down on those avoiding responsibilities August 9, 2016 Pensions are in a pickle. The deficits of private sector schemes are ballooning on the back of rising longevity and interest rates plunging to record lows. The sheer scale of the black hole in defined benefit, or final salary, schemes has prompted senior MPs to call them “the greatest challenge facing longstanding British businesses”. Why [...]
Serious Fraud Office opens criminal investigation into Airbus August 7, 2016 The Serious Fraud Office (SFO) has opened a criminal investigation into Airbus Group. The body said it was probing allegations of fraud, bribery and corruption at the company. Read more: Airbus likely to take hit to first quarter on A400M charge The SFO called for anyone with relevant information to come forward. A statement said: [...]
Frank Field has met with the director of the Serious Fraud Office to talk about BHS August 5, 2016 Frank Field, chair of the Work and Pensions Committee, has met with the director of the Serious Fraud Office to discuss the ongoing investigation into BHS and Sir Philip Green. Field said the discussion with the SFO's director David Green came about because of concerns surrounding assurances made about Retail Acquisitions (RAL), the company majority-owned by [...]