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Tesco Probe Dropped by Audit Watchdog After Half a Decade

  • FRC was investigating staff following profit overstatement
  • Grocer has paid 214 million pounds to settle separate probes
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A probe into Tesco Plc managers was dropped by U.K. watchdogs, ensuring that no individuals will be punished following a series of criminal and regulatory investigations into one of the nation’s biggest accounting scandals.

The Financial Reporting Council said on Monday it closed a probe following Tesco’s September 2014 announcement it had overstated profits by 263 million pounds ($333.5 million), a figure that was increased to 326 million pounds following an independent audit.