Grocery Chain Tesco Under Probe For Overstating Profit

U.K.'s Financial Conduct Authority is investigating British grocery chain Tesco after the company's admission last week that it overstated its half-year profit guidance by $404 million (£250 million).



 "The Financial Conduct Authority has notified Tesco that it has commenced a full investigation following the overstatement of expected profit for the half year which was described in our announcement of 22 September 2014 and which is currently the subject of an independent review by Deloitte," the statement said on the supermarket's website.



The web statement from the retailer also said the company would continue to co-operate fully with relevant authorities on the matter and the company has already started its own internal investigation.



Meanwhile, the U.K.'s Financial Reporting Council, the country's lead audit regulator, previously said it was monitoring the situation closely but would not act until the company's own investigation was finished.



www.aa.com.tr/en - Greater London