Tesco in crisis: UK managing director among four executives suspended after exposure of accounting scandal
Sep 22, 2014
By Cahal Milmo, Simon Neville, Staff Reporters at The Independent. The £250m profit hit to Tesco from its accounting scandal could just be the first of many for the stricken supermarket, analysts feared last night. The supermarket’s auditors of 31 years, PricewaterhouseCooper, is also under scrutiny after it was revealed it gave Tesco’s commercial division, which has been blamed for the problems, a clean bill of health after being asked to look into the department.
The leading analyst Jim Osman, of Edge Consulting Group, said: “Investors in Tesco must push for a massive restructuring and break-up of the business if they want to see any further return on their investment.” While its travails disappointed shareholders, including the famously astute Warren Buffett, investors had until…