SATURDAY, 25 MAY 2019

 

CONNECT

Facebook Linked In Twitter
Leptos_Estates_15/04-15/07_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Kedem: Determining and Achieving Success in the Shopping Mall Industry

Theresa May Announces her Resignation

IMH LTD
GAP_Group_2018_468x60px

INTERNATIONAL

brought to you by CIPA

Tesco Directors Acquitted in Fraud Trial

Tesco Directors Acquitted in Fraud Trial

Two former Tesco directors have been acquitted of charges of fraud and false accounting after the judge dismissed their case due to lack of evidence.

Chris Bush, former UK managing director, and John Scouler, former UK food commercial director, were accused of manipulating figures that resulted in Tesco's profits being overstated.

In August 2014, Tesco said it expected half-year profits to be about £1.1bn.

However, weeks later it said profits had been overstated by about £250m.

Both Bush and Scouler had denied the charges.

It was alleged they were aware that income was being wrongly included in the company's financial records to meet targets and make Tesco look financially healthier than it was.

Scouler, 50, from High Wycombe and Bush, 52, of St Albans each denied one count of fraud and another of false accounting. At the time they had benefits packages with Tesco of more than £1m each.

The profits numbers had been flattened from £1.1bn to £250m by early recognition of payments from suppliers who sell their goods in the supermarket's stores, as well as delays in charging costs.

The defendants had been on trial for eight weeks at Southwark Crown Court.

The acquittal came after trial judge Sir John Royce dismissed the case brought by the Serious Fraud Office (SFO), halting the trial after the prosecution presented its case.

"I concluded in certain crucial areas the prosecution case was so weak it should not be left for a jury's consideration," Judge Royce said.

The SFO tried to have the decision overturned at Court of Appeal on Wednesday, but was unsuccessful and the men were cleared by Court of Appeal judges.

Richard Sallybanks, partner at BCL Solicitors, representing John Scouler, said: "We are delighted that Mr Scouler leaves court today knowing that the judge, having heard the entirety of the prosecution evidence, reached the firm conclusion that he had no case to answer.

"That decision was obviously correct yet the SFO chose to pursue an appeal which was rejected yesterday."

The trial jury was discharged and exempted from jury service for 20 years.

MORE ON INTERNATIONAL

Facebook: Another Three Billion Fake Profiles Culled

Facebook has published its latest "enforcement report", which details how many ...

Theresa May Expected to Name Exit Date

PM widely forecast to set out departure timetable in meeting with 1922 Committee chair, ...

Topshop Owner Philip Green Plans to Close 23 Stores in Arcadia Rescue

Group, which has 566 UK and Irish stores, is asking for rent cuts to help save the ...

FROM AROUND GOLDNEWS

   

EY Presents The 15th CFO Management Forum

EY presents the 15th CFO Management Forum which will take place on Thursday, June 20, 2019 at the Hilton Park Hotel in Nicosia. The CFO Management Forum is an ...
   

Thomas Cook Receives Offer for Northern European Business

Brexit-hit travel firm receives unsolicited offer from private equity investor Triton Partners, The Guardian reports. Thomas Cook has received an offer for ...
   

Huawei: China Warns of Investment Blow to UK Over 5G Ban

A top Chinese diplomat has warned that there could be "substantial" repercussions for her country's investment in the UK, if Huawei were to be ...
   

UN Not Aware of Cyprus Reports on New Drillings

Spokesperson for the United Nations Secretary-General Stephane Dujarric has said that the UN are not aware of reports about new drillings that will be ...
   

Theresa May Announces her Resignation

Prime minister bows to party pressure and draws three-year premiership to a close, The Guardian reports. Theresa May has bowed to intense pressure from her ...
   

Partial Emergency Exercise at Larnaca International Airport Successfully Completed

A partial emergency exercise was successfully completed today 24th of May at Larnaca International Airport with the participation of various government and ...
   

Kedem: Determining and Achieving Success in the Shopping Mall Industry

A shopping center is a far more complex and management intensive business than what meets the eye, especially in an era in which the retail industry is ...
   

Elias Neocleous & Co LLC Recognised at Benchmark Litigation Europe Awards 2019

Elias Neocleous & Co LLC has been awarded Benchmark Litigation’s prize ‘Law Firm of the Year – Cyprus’ and our Partner and Head of ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Citrine_Estates_02/05-/03/06_300x250px
Gold_Digital_Edition_300x250px

IMH LTD