Tesco are still suffering from the £250 million ‘black hole’ that appeared in their profits for the first half of the year that has already seen five leading executives of the company suspended during an investigation.
It is now thought that more high level employees could be suspended as the investigation probes deeper. This report comes alongside another that says Tesco has already requested that its long time head hunters, the Lygon Group, begin to search for more board members.
The investigation is being carried out by Deloitte and the international law firm Freshfields.
It is thought that the huge inflation on predicted profits could have been in order to keep share prices up as the company went through a difficult price war but this is just speculation as the investigation is still under way.
The investigation is looking into payments made by suppliers to the superstore which should have been banked at the end of the year, but were brought forward to the first half to increase their profit predictions.
The Financial Conduct Authority is also reportedly involved, and said that they will be working closely with Deloitte and Freshfields to ensure the scandal is fully brought to light.
