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How it all started going wrong for Tesco

Retailer's £250 million-sized hole in H1 profits has led to a massive drop in market value and suspension of 4 senior executives

Published Sun, Oct 5, 2014 · 09:50 PM
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"THINGS are always unnoticed, until they're noticed," Tesco chairman Richard Broadbent said when asked how Britain's biggest retailer had failed to spot a £250 million (S$512 million)-sized hole in its first half profits.

It was an oversight that led to a £4 billion drop in Tesco's market value and the suspension of four senior executives. The newly installed chief executive officer called in forensic accountants and lawyers to find out what went wrong.

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