Serious Fraud Squad to investigate Tesco.

[oakiecokie]

29 October 2014, 12:08
Sky Sources: Fraud Office To Investigate Tesco

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The Serious Fraud Office is to investigate Tesco over its profits scandal, Sky News has learned.

More follows...

I`m not surprised after their financial report !!

 

[marco]

29 October 2014, 12:08
Sky Sources: Fraud Office To Investigate Tesco

e-mail

The Serious Fraud Office is to investigate Tesco over its profits scandal, Sky News has learned.

More follows...

I`m not surprised after their financial report !!

not to sure of the ins and outs with this one but one things for certain there will be a few share holders that have made a few bob not only that they would have had a fictitious share price on the markets because of the profit so the banks could well be involved

 

[mancityvstoke]

They fraudulently sold me some shower cream (radox) yesterday with no fold out hanger on the bottle. (allegedly)

I was outraged.

 

[Prestwich_Blue]

Three of the directors of a former employer of mine, an insurance company, went to prison for a total of 14 years for fraud. They hadn't ripped the company off for millions, which they'd siphoned into their own pockets. They'd over-stated profits by not booking some claims and then used dubious re-insurance contracts where they booked the beneficial bits to the accounts but not the ones that had an adverse effect. As a result, the company collapsed, shareholders lost money and clients were left without insurance cover, plus 1,000 people lost their jobs.

It seems very similar in concept to what happened at Tesco so I'd expect to see the SFO involved.

 

[BlueBearBoots]

Three of the directors of a former employer of mine, an insurance company, went to prison for a total of 14 years for fraud. They hadn't ripped the company off for millions, which they'd siphoned into their own pockets. They'd over-stated profits by not booking some claims and then used dubious re-insurance contracts where they booked the beneficial bits to the accounts but not the ones that had an adverse effect. As a result, the company collapsed, shareholders lost money and clients were left without insurance cover, plus 1,000 people lost their jobs.

It seems very similar in concept to what happened at Tesco so I'd expect to see the SFO involved.

scandal in the insurance world that PB, lots of people left suffering with no money to pay mortgages and bills. I know a few ppl that worked there :(

 

[Prestwich_Blue]

Three of the directors of a former employer of mine, an insurance company, went to prison for a total of 14 years for fraud. They hadn't ripped the company off for millions, which they'd siphoned into their own pockets. They'd over-stated profits by not booking some claims and then used dubious re-insurance contracts where they booked the beneficial bits to the accounts but not the ones that had an adverse effect. As a result, the company collapsed, shareholders lost money and clients were left without insurance cover, plus 1,000 people lost their jobs.

It seems very similar in concept to what happened at Tesco so I'd expect to see the SFO involved.

scandal in the insurance world that PB, lots of people left suffering with no money to pay mortgages and bills. I know a few ppl that worked there :(

Having spent a good few years there I knew lots and felt sick for them. What made it worse for many was that the 5 year Sharesave scheme had just matured. The shares had done really well and for a maximum investment of £15k over 5 years, some people were looking at a 6-figure sum worth of shares. So when they had to choose whether to take the cash (plus a bonus) or the shares, they all naturally chose the shares. Between doing that and the shares being transferred to them, the collapse happened and they even lost their original investment.

But the point is that the people involved did it to prop up the profits and share price, as did the Tesco execs.

 

[softlad]

Three of the directors of a former employer of mine, an insurance company, went to prison for a total of 14 years for fraud. They hadn't ripped the company off for millions, which they'd siphoned into their own pockets. They'd over-stated profits by not booking some claims and then used dubious re-insurance contracts where they booked the beneficial bits to the accounts but not the ones that had an adverse effect. As a result, the company collapsed, shareholders lost money and clients were left without insurance cover, plus 1,000 people lost their jobs.

It seems very similar in concept to what happened at Tesco so I'd expect to see the SFO involved.

scandal in the insurance world that PB, lots of people left suffering with no money to pay mortgages and bills. I know a few ppl that worked there :(

Was this Independent Insurance?

 

[Prestwich_Blue]

Three of the directors of a former employer of mine, an insurance company, went to prison for a total of 14 years for fraud. They hadn't ripped the company off for millions, which they'd siphoned into their own pockets. They'd over-stated profits by not booking some claims and then used dubious re-insurance contracts where they booked the beneficial bits to the accounts but not the ones that had an adverse effect. As a result, the company collapsed, shareholders lost money and clients were left without insurance cover, plus 1,000 people lost their jobs.

It seems very similar in concept to what happened at Tesco so I'd expect to see the SFO involved.

scandal in the insurance world that PB, lots of people left suffering with no money to pay mortgages and bills. I know a few ppl that worked there :(

Was this Independent Insurance?

Yes it was.

 

[york away to this!]

every lidl helps...

 

[urmston]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

 

[denislawsbackheel]

What a silly post.

The SFO would not be interested in anything that happened in Rotherham.

 

[oakiecokie]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

You like to be controversial don`t you.Two types of offences covered by two different sections of the police force.But then again you knew that,unless you`re just plain stupid.

 

[oakiecokie]

What a silly post.

The SFO would not be interested in anything that happened in Rotherham.

He`s just a piss poor wummer,dlbh.

 

[urmston]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

You like to be controversial don`t you.Two types of offences covered by two different sections of the police force.But then again you knew that,unless you`re just plain stupid.

Police can be redeployed, and child sex abuse is a more serious offence than allegedly cooking the books.

It's very telling that when a company is found with some alleged accounting irregularities the authorities are straight on to the case.

When a council and its local police force are implicated in allegedly ignoring claims of child sex abuse we get a bit of a fuss, promises of an inquiry and then nothing. And when the inquiry is finished we'll probably get the usual 'lessons have been learned' excuse, and nobody will get sacked, never mind investigated for criminality.

Perhaps Tesco should just 'lose' their financial accounts, just like Rotherham council has 'lost' many documents about the child sex abuse scandal.

The state protects its own and is eager to punish others.

 

[Prestwich_Blue]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

In fact, it's quite likely that an investment or pension you may have has invested in Tesco shares so they could well have defrauded you in that sense. I assume no one in Rotherham has buggered you however. And the SFO are hardly likely to be used to investigate the Rotherham case anyway so it's hardly diverting resources.

 

[urmston]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

In fact, it's quite likely that an investment or pension you may have has invested in Tesco shares so they could well have defrauded you in that sense. I assume no one in Rotherham has buggered you however. And the SFO are hardly likely to be used to investigate the Rotherham case anyway so it's hardly diverting resources.

With those suspiciously 'lost' documents at Rotherham I'd have thought the SFO would be the best people to investigate.

 

[aguero93:20]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

You like to be controversial don`t you.Two types of offences covered by two different sections of the police force.But then again you knew that,unless you`re just plain stupid.

Police can be redeployed, and child sex abuse is a more serious offence than allegedly cooking the books.

It's very telling that when a company is found with some alleged accounting irregularities the authorities are straight on to the case.

When a council and its local police force are implicated in allegedly ignoring claims of child sex abuse we get a bit of a fuss, promises of an inquiry and then nothing. And when the inquiry is finished we'll probably get the usual 'lessons have been learned' excuse, and nobody will get sacked, never mind investigated for criminality.

Perhaps Tesco should just 'lose' their financial accounts, just like Rotherham council has 'lost' many documents about the child sex abuse scandal.

The state protects its own and is eager to punish others.

These police would be specially trained, I'd expect without looking into it that they'd be comprised of Auditors and Forensic Accountants, so yeh, send them after child abusers, great solution, they'd be totally unqualified to do the work, make a bollocks of it and everyone accused would probably go free and then you could come on here and complain, sounds perfect.

 

[Dave Ewing's Back 'eader]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

Right! If yer don't like Tesco's dodgy dealing then there are alternatives. The Serious Farce Squad should be retrained and go after a few burglars.

 

[BlueBearBoots]

Tesco overstated their profits so had they paid tax on the inflated amount? Or was the matter discovered before any tax had been paid for that accounting period?

 

[gordondaviesmoustache]

Tesco have never defrauded me.

I'd rather any police available are used to go after people who allegedly deliberately covered up child abuse in Rotherham.

When we get criminal charges for that, then those police can turn their attention to Tesco's dodgy accounting.

What an utterly ridiculous post. What about traffic police? Should they be redeployed into investigating child abuse too?

Your post displays a child-like naivety about how scarce resourced are allocated across a sophisticated public body tasked with a wide and varied scope of aims and objectives. By the same logic all money spent on physiotherapy in the NHS should be spent on cancer palliative care instead, because the needs of the dying supersede everyone else.

The fact they've never defrauded you being the basis for this view suggests sociopathic tendencies imo.

The capitalistic system, most especially where it involves companies whose shares are traded publicly, is predicated on the basis that those buying shares have confidence that those companies' accounts are a true and fair representation of their financial position. Further, directors of those companies are placed in an overwhelming, fiduciary, position of trust with those shareholders' money, much of it acquired over the course of a hard working life. This is a role for which they are usually very well rewarded.

If directors of any company, especially one as prominent as Tesco, are found to be manipulating the accounts for their own ends, whatever those ends are, then the punishment needs to be significant. There's far too much at stake for any other outcome to be contemplated.

Some people seem pathologically incapable of seeing the bigger picture.