Tesco fined £129m for overstating profits

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Tesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.

The supermarket giant has reached a deferred prosecution agreement with the Serious Fraud Office (SFO) after a two-year investigation.

The SFO said Tesco had co-operated with the investigation and had undergone an “extensive” period of change.

Tesco also said it had accepted a finding of “market abuse” from the Financial Conduct Authority.

It says it will compensate investors who bought shares or bonds between 29 August and 19 September, which Tesco estimates will cost it about £85m.

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