United Kingdom: Tesco’s former commercial boss cleared of fraud by Serious Fraud Office

Author(s): Ashley Armstrong | Date: December 15, 2016 | Language: English
Source: http://www.telegraph.co.uk/ | URL: https://goo.gl/R99u49 | Type: Text

Tesco’s former commercial boss Kevin Grace has been told that he will not face charges from the Serious Fraud Office over the £326m accounting scandal that threw the supermarket into crisis and cost him his job.
Confirmation that Mr Grace will not face fraud charges suggests that the SFO’s investigation, which started in October 2014, is drawing to a close.
The SFO could still bring charges against the company under a US-style “deferred prosecution agreement” (DPA), which requires high court approval, and could see it pay a sizeable fine.
In order for the company to be prosecuted under English law, however, the SFO must be able to show that someone senior enough – the so-called “directing mind” – at the company was involved in the alleged behavior.

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