×
1 018
Fashion Jobs
LEVI'S
Performance Marketing Manager
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Bentalls, Kingston - 22.5 Hours / 4 Days - Part Time, Permanent
Permanent · Kingston upon Thames
SHISEIDO
Ecommerce Manager - Nars, Shiseido & Drunk Elephant
Permanent · London
VANS
Account Coordinator - Dutch Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
The Estée Lauder Companies - CRM And Loyalty Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Bluewater - 25.5 Hours - Part Time, Permanent
Permanent · Dartford
ESTÉE LAUDER
Clinique - Consultant - Boots - Metro, Gateshead - 21 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Director, Global Social Marketing
Permanent · London
ESTÉE LAUDER
Tom Ford - Business Manager - John Lewis, Milton Keynes - 37.5 Hours, Days - Full Time, Permanent
Permanent · Milton Keynes
SHISEIDO
Nars Account Manager, Fenwick Bond Street (37.5 Hours)
Permanent · London
LIBERTY LTD
Sales Manager
Permanent · LONDON
LIBERTY LTD
Retail Security Officer
Permanent · LONDON
VF INTERNATIONAL
Inbound Logistics Analyst - 12 Month Ftc
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Trainer
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, White City London - 35 Hours - Full Time, Permanent
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Harvey Nichols, Birmingham - 37.5 Hours / 5 Days - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Regulatory Scientist - Global Ingredients Compliance
Permanent · Petersfield
SHISEIDO
Finance Analyst
Permanent · London
SHISEIDO
Area Sales & Education Manager | Central South England (Ftc)
Permanent · Reading
HUGO BOSS
Sales Manager - Hugo
Permanent · London
ASICS
Field Sales Representative
Permanent · Warrington
By
Reuters API
Published
Oct 6, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tesco's UK boss told "word by word" of hole in accounts, court hears

By
Reuters API
Published
Oct 6, 2017

 The head of Tesco's UK business was read out "almost word by word" a report detailing a 250 million pounds hole in the supermarket's accounts in 2014 a week before the stock market was informed, a court heard on Friday.



Amit Soni, a senior accountant at Tesco, was giving evidence for a third day at the trial of three former senior executives of Britain's biggest retailer who are accused of fraud and false accounting in 2014.

Christopher Bush, 51, who was managing director of Tesco UK, Carl Rogberg, 50, who was UK finance director, and John Scouler,49, who was UK food commercial director, all deny any wrongdoing and have pleaded not guilty.
The case follows Tesco's announcement in September 2014 thatits profit forecast had been overstated mainly due to booking commercial deals with suppliers too early.

Tesco's disclosure saw its shares tumble and plunged the company into the worst crisis in its near 100-year history.

The court had previously heard that Soni commissioned a detailed report, "the legacy paper", which showed how around 250 million pounds of income had illegitimately been "pulled forward" in Tesco's accounts.

Soni told the court on Friday that he attended a Sept. 16 2014 meeting with Scouler and group commercial director Kevin Grace, with Bush also present via conference call.

He said Scouler read out the paper. It was a "very detailed reading out...almost word by word," he said.
Lead prosecutor Sasha Wass asked Soni what Bush's reaction was.

"He (Bush) said to the effect that the legacy number read out will have to be discussed with Dave Lewis, the new CEO of the company. Equally there is a responsibility, a corporate responsibility, for everybody to hit the numbers and hit the budget," Soni told the court.

Lewis had replaced Philip Clarke as CEO on Sept. 1.

Soni said he had expected to be informed when discussions would take place with Lewis but did not hear anything on either Sept. 17 or 18.

The court has previously heard that later on Sept. 18 Soni visited Kay Majid of Tesco's legal team and presented the report to her.

Lewis then became aware of the report and he dealt with it as an emergency. After two board meetings on Sept. 21 a corrective statement was issued to the stock market on Sept. 22.

Neither Lewis, Clarke or Grace face any charges.

The trial is expected to last until Christmas.


 

© Thomson Reuters 2022 All rights reserved.