UK fraud agency charges three in Tesco accounting probe

London

BRITAIN'S Serious Fraud Office has charged three former senior Tesco executives with fraud in its investigation into accounting practices at the country's biggest supermarket chain.

A £250 million (S$450.8 million) overstatement of Tesco's first-half profits in August 2014, due to booking deals with suppliers too early, led to the suspension of eight senior members of staff in the following months.

None of them commented at the time.

When Tesco revealed the overstatement, which was later raised to £263 million, it plunged the firm into the worst crisis in its near 100-year history and le…