UK watchdog launches investigation into Tesco accounting scandal
LONDON, Oct 1 (Reuters) - Tesco (Xetra: 852647 - news) said Britain's financial watchdog had started a full investigation into the company in the wake of an accounting scandal which wiped 3 billion pounds ($4.86 billion) from the British grocer's stock market value last month.
"Tesco will continue to co-operate fully with the Financial Conduct Authority and other relevant authorities considering this matter," the company said in a statement on Wednesday.
Tesco announced on Sept. 22 that it had overstated first-half profit by 250 million pounds - effectively its third profit warning in two months. It suspended four senior executives and launched its own investigation, calling in forensic accountants and lawyers. (1 US dollar = 0.6174 British pound) (Reporting by Sarah Young, editing by James Davey)
