Dive Brief:
- Britain's Serious Fraud Office (SFO) is looking into Tesco's accounting mess, opening an official criminal inquiry into the $424 million scandal.
- The SFO's process could last months or possibly years. It involves collecting data, gathering witnesses, and potentially seeking evidence outside its jurisdiction.
- The UK's Financial Conduct Authority was already investigating Tesco, but will now stop due to the SFO stepping in. It will give the SFO its current evidence.
Dive Insight:
Obviously, Tesco is in bad shape - its profits are tumbling and executives have been given the boot. It looks like Food Dive's earlier prediction this week may come to fruition soon. We'd keep an eye out for more movements in this case for a long time to come.