The case against two former Tesco directors initiated by U.K. regulators earlier this year has collapsed after a judge dismissed the case due to lack of evidence, reports in the BBC said Thursday (Dec. 6). The U.K. Serious Fraud Office (SFO) unsuccessfully attempted to have Judge Sir John Royce's decision overturned. Judge Royce had concluded "in certain crucial area the prosecution case was so weak it should not be left for a jury's consideration." Chris Bush, former U.K. managing director at Tesco, and John Scouler, the grocery giant's former U.K. food commercial director, were accused by the SFO of manipulating financial reports to overstate profits. Both have denied the charges, which included allegations that they were aware of internal efforts to make it appear as if Tesco had been more financially healthy than it actually was. Tesco acknowledged in the autumn of 2014 that it overstated profits, the BBC said. At the time, the company said that it was, in part, a result of prematurely recognizing ...
The former Tesco executive Christopher Bush, pictured at left, and a second former company executive, John Scouler, were cleared of criminal charges stemming from accounting irregularities at the grocery chain.
Chris Bush and John Scouler were accused of over overstating the company's profits by over a quarter of a million pounds - news of which led to the firm's shares plummeting by nearly 12%, wiping £2billion off their value
Former Tesco bosses Chris Bush and John Scouler have been cleared of a £250m fraud and false accounting scandal after the case against them collapsed at Southwark Crown Court. This is a breaking news story and will be updated. Follow HuffPost UK on Twitter here, and on Facebook here.